Sovereign Trust Insurance Plc, gross premium written in 2019 was N10.8b compared to the previous year mark of N10.5b, representing a minimal 3.4% increase.
The firms board, media and communications manager, citing the approval of National Insurance Commission of the 2019 audited accounts of company, said this was coming on the midst of the pandemic that has phenomenally affected the business environment globally with no exception to the insurance industry in Nigeria.
Despite the challenge in the year received, he said sovereign trust has put up a brilliant performance compared with the company’s performance in 2018.
The managing director/chief executive, Olaotan Soyinka, said the development is an encouraging one as he believes the company will continue to remain on the path of growth in the days ahead.
Further performance marks showed that profit after tax rose to N503m as against N344m the previous year, representing 46% increase. As the balance sheet grew so did it claims pay-out hitting N2.2b as against N1.7bn. “this in a way underscores the company’s paying ability resulting in a 23.59% net claims expense.
Its assets grew by 18.5% to N13.4b from N11.3b shareholders funds also rose from N5.8b to N7.7b, culminating into a 33.7% increase.
The managing director while briefing newsmen in Lagos said the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike as the industry gravitates towards another round of recapitalization, “these performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading insurance companies in the country post- recapitalisation.”
