Sovereign Trust Insurance records 352% PAT increase in Q3 2017

From left:,Chairman , Sovereign Trust Insurance Plc, Mr. Oluseun O. Ajayi, MD/CEO, Olaotan Soyinka and Executive Director, Marketing and Business Development, Ugochi Odemelam at the 22nd Annual General Meeting of Sovereign Trust Insurance Plc held in Lagos.

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Chuks Udo Okonta

Sovereign Trust Insurance Plc has shown a consistent rise in its profitability after it records 352 per cent Profit After Tax (PAT) increase in third quarter 2017

A statement by its Assistant General Manager, Corporate Communications/Brand Management, Segun Bankole, said the third quarter performance shows that the underwriting firm is very much on course with meeting the aspirations of her various Shareholders in the days ahead.

According to him, the total Gross premium written grew from N4.9b in the third quarter of 2016 to N7.3 billion representing an increase of N2.4billion and a growth rate of 50.4 per cent in the current financial year. In like manner, the net premium income grew from N4.3billion in the third quarter of 2016 to N7.2billion in the same period of 2017 amounting to a growth rate of 65 per cent.

The underwriting profit rose from N1.1billion to N1.3billion representing a growth rate of 16.7 per cent while investment income also grew by 63 per cent from N235m in 2016 to N383m in 2017 Q3.

The profit before tax had a growth rate of 334 per cent having increased from N165 million in 2016 to N716million in 2017 while profit after tax also grew from N147million in 2016 to N667million in 2017 representing a growth rate of 352 per cent.

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