Sovereign Trust Insurance Plc maintained the surge in performance in the second quarter with the company generating gross premium income of N7.8bn compared with N6.03 recorded at the corresponding period of 2020, representing 30% growth.
The net premium income the company stated, grew from N2.4bn in the second quarter of 2020 to N2.8bn in the same period of 2021, amounting to a growth of 16%.
The statement by the DGM, sales and corporate communications, Segun Bankole, said the performance showed the company remained on the growth path and still meeting the aspirations of the various stakeholders in the days ahead.
Bankole explains, “A remarkable increase was also recorded in the profit before tax of the company from N501m in the second quarter of 2020 to N662m in the corresponding period of 2021, with a 32% growth rate while profit after tax grew by 16% from N448m in the second quarter of 2020 to N518m in the second quarter of 2021.”
His overview on performance, “Understandably, as the underwriting firm grew the portfolio of its business, it also recorded a slight increase in the claims pay-out in the second quarter of 2021 having paid a total sum of N1.8bn compared to the sum of N1.4bn that was paid as claims in the corresponding period of 2020, representing a 26% increase in claims pay-out. This also underscores the company’s commitment to settling genuine claims as and when due. Net claims expense in the second quarter of 2021 grew by 9% to N1.07bn compared to the net claims expense of N985m in the second quarter of 2020.”
The statement further explained the company total equity in the second quarter of 2021 also grew by 11% from N8.1bn in the corresponding period of 2020 to N9.05bn in Q2 of 2021 while the total assets also increased from N13.1bn in the second quarter of 2020 to N13.8bn in the corresponding period of 2021 with a marginal growth rate of 5%.
Other flashpoints also showed that the company remained on the growth path. Earnings per share rose from 3.95k in the second quarter of 2020 to 4.57k in the second quarter of 2021 while net assets per share also increased from 72k in Q2 to 79k in the corresponding period of 2021.
