Sovereign Trust Insurance PAT up 352% Q3
Sovereign Trust Insurance Plc has shown a consistent rise in its profitability after it posted another significant third quarter result for 2017.
The third quarter performance shows that the underwriting firm is very much on course with meeting the aspirations of her various shareholders in the days ahead, the Company said.
Gross premium written grew from N4.9 billion in the third quarter of 2016 to N7.3 billion, representing an increase of N2.4 billion and a growth rate of 50.4 percent in the current financial year. In like manner, the net premium income grew from N4.3 billion in the third quarter of 2016 to N7.2 billion in the same period of 2017 amounting to a growth rate of 65 percent.
The underwriting profit rose from N1.1 billion to N1.3 billion representing a growth rate of 16.7 percent while investment income also grew by 63 percent from N235 million in 2016 to N383 million in 2017 third quarter.
The profit before tax had a growth rate of 334 percent having increased from N165 million in 2016 to N716 million in 2017, while profit after tax also grew from N147 million in 2016 to N667 million in 2017 representing a growth rate of 352 percent.
Olaotan Soyinka, managing director/CEO of the organization also stated that the company has put in place a friendly-claim-process with the major aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.
“Our commitment to uphold our vision and mission has made the company one of the country’s most relevant and responsive insurance companies in the country. Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of offices spread over (18) locations in the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.”
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