Insurance World

STI Grows PAT By 37% In FY20

BY NKECHI NAECHE-ESEZOBOR: In spite of the challenging operating environment that characterized operations of most businesses in the country in 2020 which was largely due to the effects of the Covid-19 pandemic, Sovereign Trust Insurance Plc has once again put up a commendable performance in the year 2020.

The lead insurer recorded a leap of 37% in its Profit After Tax of N687m as against N503m recorded in year 2019.

Gross Premium written in 2020 was not left out as it stood at N11.1billion compared to the N10.8billion written in 2019, representing a marginal increase of 2%.

Another interesting highlight of the 2020 accounts which could be described as heart-warming is the rise in the Company’s Total Assets from N13.4b to N14.8b in 2020 representing 11% increase.

As the Company grew its balance sheet in 2020, so did it also increase its claims payout. In 2020, a total of N3.48billion was paid as claims against N2.2billion that was paid in 2019.

This in a way underscores the Company’s claims paying ability coupled with the company’s renewed attention at delighting our customers.

The net premium income also grew by 10% from N5.9b to N6.5b in 2020.

Commenting on its outstanding performance, the Managing Director/ CEO, Mr. Olaotan Soyinka said the development is an encouraging one considering the level of work that was put in place in 2020.

According to him, the management of the Company 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.

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