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Sovereign Trust Insurance grows profit by 42%

By Kehinde Ibrahim Lagos

SOVEREIGN Trust Insurance Plc has announced that it recorded 42 per cent growth in its Profit After Tax in 2021.

The company’s Profit After Tax during the period stood at N974 million as against N687 million recorded in year 2020. Profit Before Tax equally increased from N796 million in 2020 to N885 million in the year under review, representing 11 per cent growth.

The Gross Premium Written in 2021 stood at N12.7 billion compared to the N11.1 billion written in 2020, representing an increase of 14 per cent while total assets of the company rose from N14.8 billion to N16.3 billion in 2021 representing 11 percent increase.

Commenting on the result, the company’s Managing Director, Mr. Olaotan Soyinka, said as the Company grew its balance sheet so it did in increasing its claims payout.

According to him, in 2021, a total of N3.7 billion was paid as claims against N2.9 billion that was paid in 2020. “This in a way accentuates the Company’s claims paying ability coupled with the company’s renewed attention at delighting her customers. The net premium income also grew by 11 per cent from N6.5 billion to N7.2 billion in 2021. Earnings per share also grew from N8 kobo to 11.3 kobo in 2021 while the Total Equity of the Underwriting firm also grew by 11 per cent from N8.6 billion in 2020 to N9.6 billion in 2021.

Soyinka, said the management was committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.

He said, “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 while at the same time, propel the company to a profitable height for shareholders’ delight in the years ahead.”

He informed that Sovereign Trust Insurance had consistently maintained its growth trajectory in spite of the challenging operating environment that characterised operations of most businesses in the country in 2021.

“Looking at the above result, the Company has once again put up a remarkable performance in the year under review when compared with the performance in 2020.

“The development is indeed a commendable one considering the myriad of challenges that the insurance industry had to deal with in the past year of 2021, ”the Sovereign Trust Insurance boss stated.

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