STI increases premium income by 37 per cent to N7.35bn in Q1 2022

Sovereign Trust Insurance Plc said it recorded a 37% growth in its total Gross Premium written to N7.35 billion in the first quarter of 2022 higher than N5.37 billion recorded in the same period of 2021.

This was contained in In a statement issued today and made available to journalists by the firm’s Deputy General Manager, Corporate Communications/Investor Relations, Segun Bankole.

Profit Before Tax according to the statement grew by 19% in the first quarter of 2022 to the sum of N609 million as against the sum of N510m in the same period of 2021, while Profit After Tax rose from N392 million in the first quarter of 2021 to N489 million in the corresponding period of 2022, representing a growth rate of 25%.

The Total Equity also grew by 12% from N9 billion in the first quarter of 2021 to N10.1b in the same corresponding period of 2022.

Earnings per Share, the statement stated grew from 3.45kobo in first quarter of 2021 to 4.3kobo in the same corresponding period of 2022. The Net Assets per Share also grew from 79.4kobo in the first quarter of 2021 to 88.9kobo in first quarter of 2022.

“No doubt, the year 2022 has commenced on a remarkable note for Sovereign Trust Insurance Plc (the Company) going by the first quarter unaudited account recently released by the underwriting company. The start of the year was greeted with a lot of mixed feelings amidst the dwindling economic landscape in the country which has created a lot of palpitations and an unsure business environment for many corporate organizations and business concerns.

“However, for Sovereign Trust Insurance Plc, things are actually looking up considering the Company’s first quarter performance in 2022 when compared to the same period in 2021. A careful examination of the unaudited financial Statements of the organization attests that the season is indeed looking bountiful for the over two and half decades’ insurance company,” the statement stated.

The statement said as a result of the Company’s improved claims administration and processes backed by top-notch technology, the claims payout in the first quarter of 2022 stood at N946m as against N1.26b paid on claims in the same period of 2021, while the Net Claims Expense also reduced by 16% from N965m in the first quarter of 2021 to N808m in the first quarter of 2022.

“Notwithstanding the harsh operating environment that has beclouded the operations of so many insurance companies and other corporate organizations in the first quarter of the year especially at a period when the country is preparing for another general election come 2023, Sovereign Trust Insurance Plc has been able to record meaningful appreciation in all its financial indices going by its first quarter unaudited financial statements. The future indeed, looks very promising,” the statement added.