Sovereign Trust Insurance Plc, has announced a major leap in its Gross Premium Written (GPW) in the third quarter of 2018.
According to the company the figure went up by 27 per cent above what was generated in the same period of 2017 with a sum of N2 billion from N7.3 billion to N9.3 billion.
A statement by the firm’s Assistant General Manager, Corporate Communications & Brand Management, Segun Bankole, stated that the net premium rose from N3.5 billion to N4.1 billion in the third quarter of 2018, representing
17 per cent increase, total assets also increased by seven per cent in the quarter under review from N9.7 billion to N10.4 billion.
As expected of an Underwriting Firm that has generated more business than it did in the
previous quarter of 2017, the claims expense of the company slightly increased by two per cent
from N1.2 billion in Q3 of 2017 to N1.3 billion in the same quarter of 2018.
Consequently, the Profit before Tax deepened by 16 per cent from N716 million to N601 million in Q3 of 2018. There was a decline also in the Profit after Tax from N667m to N543 million representing a 19 per cent decrease in the quarter.
All said and done, Sovereign Trust Insurance Plc is really poised to ending the year on a very positive note going by the recent trend of its consistent growth rate.
It is almost certain that the Underwriting Firm will close the 2018 financial year on a 2-digit billion figure by all indication; a feat that will be considered historical for the more than 2 decades Firm that is yet to hit that mark.
No doubt, the company is very much on course in delighting its numerous shareholders across the nook and cranny of Nigeria and beyond. Better days are indeed ahead.