By LOVETH AZODO, LAGOS
Sovereign Trust Insurance Plc has recorded N10.5billion Gross Premium written in 2018 as against N8.5billion in 2017, representing a 23% increase.
The company put up a brilliant performance despite the challenging economic environment that characterized operations of most businesses in the country in 2018 and the seeming lull in the insurance sector in the year,
The Managing Director and Chief Executive Officer, STI, Mr. Olaotan Soyinka through a statement issued by the company’s spokesperson, Olusegun Bankole noted that the development is a very heart-warming one considering the level of work that was put in place in 2018.
It is quite interesting to note that the company recorded a phenomenal leap of 167% in its Profit Before Tax totaling N540m as against N202m recorded in year 2017.
Another outstanding highlight of the 2018 accounts which could be described as very encouraging is the rise in the company’s profit after tax to N344m as against N157m in 2017 representing 118% increase.
As the company grew its balance sheet in 2018, so did it also increase its claims payout.
In 2018, a total of N4.2b was paid as claims against N1.9b that was paid in 2017.
The net claims expense grew to N1.7b from N1.3b in 2017. This in a way underscores the company’s claims paying ability resulting in a 37% net claims expense. The total assets also grew by a marginal 5% to N11.3b in 2018 from N10.8b in 2017.
The Managing Director while briefing newsmen in Lagos said the management of the company is really committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.
“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”.