Sovereign Trust Insurance Plc, a day before its annual general meeting showcased its 2019 resilience performance; it tore the covering off its third quarter 2020 result with several highpoints, laced with enhanced ticks in the midst of so many obstacles.
Disclosing the unaudited third quarter result, the managing director, Mr. Olaotan Soyinka, said the above board result “is a reflection of the realities.” But like a company committed to soar, he said the general insurer “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.”
The company’s financial influencer: its paid up capital, increased from N4.1bn in 2019 third quarter to N5.68bn in third quarter of 2020, representing a 36% growth rate in the paid up capital of the company. Thus, the company scaled the first phase of the recapitalisation process of the insurance industry as stipulated by the National Insurance Commission, which set December 31, 2020, as the terminal date for the first phase of the process. Its shareholders funds also grew by 6.3% from N7.7bn to N8.2bn in the same period ending September 2020.
Sovereign Trust third quarter performance pushed up profit before tax by 7%, closing at N600m as against N560m, while profit after tax also increased by same 7% margin from N501m to N537m in the period under review in spite of the fact that gross premium written dipped by 8% from N9.1bn in 2019 to N8.4bn in 2020 third quarter.
Mr Soyinka said the management of the company remained focused on growing asset base, revenue and profitability , and is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders.
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