Mr. Olaotan Soyinka,MD/CEO, Sovereign Trust Insurance Plc
BY NKECHI NAECHE-ESEZOBOR–Sovereign Trust Insurance Plc, a major player in the insurance sector has released its audited financial statements for the year ended 31 December 2021 with 27.58% increase in its claims payment to policyholders for the year to N3.7billion from N2.9billion paid in 2020.
This, the company said is in a way accentuates the company’s claims paying ability coupled with the company’s renewed attention at delighting her customers.
Profit After Tax for the year also went up by 42% to N974m from N687m in 2020, while profit Before Tax during the year equally increased from N796m in 2020 to N885m in the year under review, representing an 11% growth rate.
Gross Premium Written in 2021 stood at N12.7b compared to the N11.1b written in 2020, representing an increase of 14%.
Another interesting highlight of the 2021 accounts which could be described as heart-warming is the rise in the Company’s total assets from N14.8b to N16.3b in 2021 representing 11% increase.
The company was able to grow its balance sheet while net premium income also grew by 11% from N6.5b to N7.2b in 2021.
Earnings per share also grew from N8 kobo to 11.3kobo in 2021 and total equity of the Underwriting firm also grew by 11% from N8.6b in 2020 to N9.6b in 2021.
Commenting on its performance, the Managing Director/ CEO, Mr. Olaotan Soyinka, said the management is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.
“These performance levels are a confirmation of the management’s determination to effectively and strategically position the Company as one of the leading insurance companies in the country while at the same time, propel the Company to a profitable height for shareholders’ delight” in the years ahead.
He said the development is indeed a commendable one considering the myriad of challenges that the insurance Industry had to deal with in the past year of 2021.
