Sovereign Trust Insurance PBT up 19% Q1

Underwriting firm, Sovereign Trust Insurance has recorded a Profit Before Tax growth of 19 percent in the first quarter of 2022 to the sum of N609 million against N510 million in the corresponding period of 202.

This is as Profit After Tax rose from N392 million in the first quarter of 2021 to N489 million in Q1 of 2022, with a growth rate of 25 percent.

The Total Equity also grew by 12 percent from N9 billion in the first quarter of 2021 to N10.1b in the corresponding period 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, management of the company said.

According to a statement from the 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 corresponding 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.

Read also: FCT partners tax board to ease TIN registration for taxpayers

Its total Gross Premium written in the first quarter of 2022 amounted to N7.35 billion while in 2021it was N5.37 billion in the same period under review, giving a 37 percent growth rate over the performance of 2021.

Segun Bankole, deputy general manager, Corporate Communications/ Investor Relations, said as a result of the company’s improved claims administration and processes backed by top-notch technology the payout in the first quarter of 2022 stood at N946 million as against the figure of N1.26 billion in 2021, net claims expense reduced by 16 percent from N965 million in 2021 to N808 million in 2022.

Earnings per Share grew from 3.45kobo in Q1 of 2021 to 4.3kobo in the corresponding period of 2022. The Net Assets per share also grew from 79.4 kobo in 2021 to 88.9 kobo in Q1 of 2022, during the same period.