Notwithstanding the dwindling state of the national economy, amidst challenges of the post Covid-19 pandemic experience which has led to many businesses struggling for survival including the insurance industry in 2021, Sovereign Trust Insurance Plc (STI), has again proved to be a resilient underwriting company that rose above these challenges in the insurance industry.
For instance, the unaudited third quarter results of the company made public on the Floor of The Nigerian Exchange Limited, the company recorded a growth of 17 per cent in its profit before tax resulting to N701 million as against N600 million recorded in the corresponding period in year 2020, while profit after tax went up by 13 percent from N537 million to N606 million during the period under review.
Besides, the gross premium written also went up by 17 per cent from N8.4 billion in 2020 to N9.8 billion in the third quarter of 2021.
The Managing Director/Chief Executive Officer of the company, Olaotan Soyinka, reflecting on the performance of the outfit explained that the company is undaunted and will continue to remain focused to ensure that the company keeps up with it’s obligations to all stakeholders as a dynamic and responsive corporate entity.
One other very significant highlight of the 2021 Q3 unaudited result is the increase in the net premium of Sovereign Trust from N3.2 billion in 2020 third quarter to N4.3 billion in third quarter of 2021 representing a 31 percent growth rate in the net premium written of the company. The Company’s total assets also grew by 11 percent in the period under review from N12.6 billion in September of 2020 to N14 billion in the corresponding period of 2021.
Total equity also grew by 12 percent from N8.2 billion in the corresponding period of 2020 to N9.2 billion in third quarter of 2021. Earnings per share of the underwriting firm increased from 5.28 kobo in September 2020 to 6.18 kobo in September 2021. Net assets per share also took a leap from 57 kobo in the corresponding period of 2020 to 81 kobo in the same period of 2021.
The STI boss, however, added that the management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and other stakeholders as the Company remains focused on her strategic objective of accelerating the growth of the Company through asset base, revenue, and profitability in the years ahead.