Sovereign Trust Insurance Achieves 64% Growth in Gross Premium in Half-year 2017

Sovereign Trust Insurance Plc, has announced 64per cent growth in its gross premium for the first half of 2017.

The company made this known in its unaudited financial statement released to the public recently. Commenting on this, Assistant General Manager Corporate Communications and Brand Management of the company, Mr. Segun Bankole, said going by its performance in the first half of this year, Sovereign Trust Insurance has maintained positive performance as seen in the unaudited financial results .

He said the company, in its effort to emerge a leading player in the insurance industry,

has through the half year performance, shown that it is right on track in delighting her shareholders and other stakeholders alike as its year and future looks bright.

He announced other performances of the company during the period saying, “total gross premium written by the company grew from N3.7billion in the second quarter of 2016 to N6.1billion representing an increase of N2.4billion and a growth rate of 64per cent in the current financial year.

Likewise, the net premium income grew from N2.3billion in the second quarter of 2016 to N2.8billion in the same period of 2017 amounting to a growth rate of 22 percent.

Underwriting profit, rose from N1.11billion to N1.4billion representing a growth rate of 2.7percent while investment income also grew by 73 percent from N140million in 2016 to N243million in 2017 quarter two.

He said profit before tax had a growth rate of 57.5 percent having increased from N400m in 2016 to N630million in 2017 while profit after tax also grew from N373million in 2016 to N588million in 2017 representing a growth rate of 57.6 percent.]