Sovereign Trust Insurance Plc recorded a leap of 37 per cent in its Profit After Tax of N687 million in 2020 as against N503 million recorded in year 2019.
The Gross Premium written in 2020 stood at N11.1billion compared to the N10.8billion written in 2019, representing a marginal increase of 2 per cent.
Another interesting highlight of the 2020 accounts which could be described as heart-warming is the rise in the Company’s Total Assets from N13.4b to N14.8b in 2020 representing 11 per cent increase.
As the Company grew its balance sheet in 2020, so did it also increase its claims payout. In 2020, a total of N3.48billion was paid as claims against N2.2billion that was paid in 2019. This in a way underscores the Company’s claims paying ability coupled with the company’s renewed attention at delighting our customers. The net premium income also grew by 10 per cent from N5.9b to N6.5b in 2020.
Managing Director of the firm Mr. Olaotan Soyinka said the development is an encouraging one considering the level of work that was put in place in 2020.
Soyinka, said the management of the Company is 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” in the years ahead.