Underwriting firm, Sovereign Trust Insurance Plc has recorded a 17 percent growth in Profit before Tax for the third quarter ending September 2021 despite the harsh operating environment that has been worsened by Covid-19 experience.
The Company recorded a growth of 17 percent in its Profit Before Tax totalling N701 million as against N600 million recorded in the corresponding period in year 2020, while Profit After Tax increased by 13 percent from N537 million to N606 million in the period under review.
This is as the gross premium written also grew by 17 percent from N8.4 billion in 2020 to N9.8 billion in 2021 third quarter.
Sovereign Trust Insurance Plc (Sovereign Trust or the Company) has again, proved to be a very resilient underwriting organization that is determined to rise above board in the midst of so many obstacles, says the firm in its third quarter performance card made public on the Floor of the NGX Limited.
Olaotan Soyinka, managing director /CEO Sovereign Trust Insurance said the result reflects the realities of the times and that the Company is undaunted and will continue to remain focused in ensuring that the Company keeps up with its obligations as a very 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 5.28k in September 2020 to 6.18k in September 2021. Net assets per share also took a leap from 57k in the corresponding period of 2020 to 81k in the same period of 2021.
The CEO while briefing newsmen in Lagos said 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.
