Sovereign Trust beats expectations with 31% premium growth to N4.3bn

SOVEREIGN TRUST IN SURANCE has reported that its gross premium written for the third quarter of 2021 grew by 17 percent to N9.8 billion from N8.4 billion in 2020 with net premium written rising 31 percent year on year to N4.3 billion from N3.2 billion in the same period last year.

The growth in underwriting premium has been described as an indication of Sovereign Trust’s resilience as an underwriting organisation and its determination to rise above board in the midst of so many obstacles.

Even with the dwindling state of the economy in the midst of the challenges of the post-covid-19 experience, the company saw a 17 percent third quarter year on year growth in its profit before tax to N70l million, as against N600 million recorded in the corresponding period of 2020, while profit after tax increased by 13 percent to N537 million from N506 million in the period under review.

According to the company’s third quarter unaudited result for 2021, total assets grew by 11 percent in the period under review from N12.5 billion in September of 2020 to N14 billion in 2021. Also, its total equity grew by 12 percent from N8.2 billion to N9.2 billion in the third quarter of 2021.

Olaoton Soyinka, managing director and chief executive officer, while briefing newsmen on the company’s performance, said the result reflects the realities of the times and that the company is undaunted and will continue to remain focused in ensuring that the it keeps up with its obligations as a very dynamic and responsive corporate entity.

He also said the management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and other stakeholders as the company remains focused on its strategic objective of accelerating the growth of the company through asset base, revenue, and profitability in the years ahead. Meanwhile, the earnings per share of the underwriting firm increased from N5.28k in September 2020 to N6.18k in September 2021. Net assets per share also took a leap from 0.57k in the corresponding period of 2020 to 0.81k in the same period of 2021.

L-R: Ekerete Ola Gam-Ikon, guest speaker/chief executive officer, Finterate Projects Nigeria; Tope Adaramola, executive secretary, NCRIB Lagos; Adaobi Nwakuche, managing director /CEO, Heirs Insurance Limited; Owolabi Abbas, chairman NCRIB, Abuja area committee; and Niyi Onifade, managing director/CEO, Heirs Life Assurance, at the brokers’ evening in Abuja sponsored by Heirs Insurance and Heirs Life, recently