BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc has recorded 296 per cent growth in profit after income tax for nine months ended September 30, 2026,
A notice filed by the company on the Nigerian exchange limited shows that profit after income tax rose by from ₦64.7 million in September 2025 to ₦256.4 million in September 2026.
Profit before income tax for the company stood at ₦301.7 million, as against ₦75.9 million reported in 2025, reflecting a 296 per cent increase.
However, Insurance revenue declined by 19 per cent to stand at ₦32.31 billion, when compared with ₦40.13 billion achieved by the company in September 2025.
Insurance service expenses also came down to ₦14.35 billion from ₦18.31 billion, while net expenses from reinsurance contracts held declined to ₦16.11 billion from ₦20.12 billion.
Insurance service result appreciated to ₦1.85 billion from ₦1.71 billion in the corresponding period of the previous year.
Investment return increased to ₦1.73 billion from ₦1.38 billion, representing a 26 per cent growth.
Total assets went up from 24.47 billion in September 2025 to ₦41.27 billion as at September 30, 2026, representing a 69 per cent increase.
Total liabilities rose to ₦19.75 billion, compared with ₦10.10 billion in same period of 2025 while total equity increased to ₦21.53 billion from ₦14.32 billion, representing growth of 50 per cent.
The company’s basic earnings per share remained unchanged at seven kobo in both reporting periods.
The financial highlights show improved profitability, investment returns and balance-sheet growth, although insurance revenue declined during the period under review.
