L-R: Company Secretary, Toyin Akano, Chairman, Oluseun Ajayi and Managing Director/CEO, Olaotan Soyinka at the event held today in Lagos.
Sovereign Trust Insurance Plc on Thursday said it Profit Before Tax increased by 351 percent from N44 million recorded in 2016 to N202 million in the year under review of 2017.
Its Chairman, Oluseun Ajayi, stated this today at the firm’s Annual General Meeting (AGM) in Lagos, that Profit After Tax (PAT), rose to N157 million when compared to N23million achieved in 2016; indicating 569 per cent increase.
The Gross Premium Written (GPW) was not left out as it rose slightly to by 33 percent to N8.5 billion in 2017, when compared to N6.3 billion recorded in 2016.
Net claims expenses for 2017was N1.3 billion, which was a 9.5 per cent improvement over the N1.44 billion recorded in 2016 while Return on Capital Employed (RoCE) recorded a positive performance of 1.87 per cent as against 0.47 per cent in the previous year and Investment income those by 41.6 per cent from N286 million in 2016 to N406 million in 2017.
The underwriting firm’s total assets rose from N9.5 billion to N10 billion representing 13.7 per cent increase.
Also Pastor Williams Adebayo, the President of Greenish Shareholdes’ Association said the nod to raise more capital was given to enable the company become one of the top five insurance companies through optimal performance.
He also called for extension of Tier-Based recapitalisation model newly evolved by NAICOM.