• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Sunday, September 24, 2023
  • Login
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Sovereign Trust Growth Strategy Takes Performance Higher

Nwanne Ikemefune by Nwanne Ikemefune
May 4, 2021
in Insurance
0 0
0
Olaotan Soyinka
0
SHARES
34
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Sovereign Trust Insurance Plc has set May 27, 2021, as a date to hold the 26th annual general meeting where the company unveils the great resilience amidst the various challenges that characterised the operating environment in the year 2020 in which it recorded GWP of N11.12bn as against N10.3bn for 2019.

A statement by the chief spokesperson of the organisation, Mr. Segun Bankole, said the company ended the 2020 financial year on a promising note despite the harsh operating environment caused by the novel Coronavirus disease, Covid-19 and the global impact. However, “the urge to continue to maintain an enduring and comprehensive growth strategy still forms the bedrock of the company’s operations.”

The company performance which he noted is consistent, “was able to record gross premium written of N11.12bn in 2020 as against N10.3bn recorded in 2019.” The company’ net premium grew by 10% from N5.9bn to N6.5bn. The net underwriting income grew by 9.7% from N6.9bn to N7.6bn.

Sovereign Trust said this performance resulted in a profit before tax of N796m and a profit after tax of N688m, a 37% increase when compared with the sum of N503m recorded in 2019.

Also on the growth corridor is the balance sheet which improved, registering total assets of N14.8bn up from previous N13.4bn, representing 10.5% growth. Earning per share also improved b 33% from 6 kobo to 8 kobo. Return on Capital Employed (ROCE) made a positive mark of 8.1% as against previous 5.6%.The statement further said investment and other income grew by 27% from N468m to N622m.

The managing director/chief executive officer, Mr Olaotan Soyinka sealing the performance said: “by no means, 2020 was a very tough year for many businesses, but the fundamentals of our company are strong, and this buttressed by our capacity to remain profitable despite the harsh economic conditions prevailing in the business environment.”

Soyinka said the company will forge on three dimensions: remain profitable, continue to reengineer its strategy in line with current realities and deflate all resting oars as it continues improvement in performance in the years ahead.

Previous Post

Pension Operators Say CPS Has Multi-System Hedge Against Assets Decline

Next Post

EndSARS Insurance Claims Hit N4.5bn And Possibly More

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators
Insurance

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace
Insurance

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year
Insurance

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Next Post
EndSARS Insurance Claims Hit N4.5bn And Possibly More

EndSARS Insurance Claims Hit N4.5bn And Possibly More

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

September 23, 2023
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

June 7, 2023
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

0
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
ADVERTISEMENT

Recent News

NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

September 13, 2023
London Company Market Premium Reaches £44bn In 2022

London Company Market Premium Reaches £44bn In 2022

September 12, 2023
NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

September 11, 2023
Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

September 8, 2023
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In