Sovereign Trust Reports N510 Million Profit In Q1 2021

Yemisi Izuora

Sovereign Trust Insurance Plc has reported Profit Before Tax PBT, of N510 million in first quarter of 2021.

The figure represented 66 per cent improvement over N306 million recorded in Q1 2020.

The company’ in a statement reported that its Profit After Tax, PAT, grew by 43 per cent from N274 million in the first quarter of 2020 to N392 million in the first quarter of 2021.

The total Gross premium written grew from N3.6 billion in the first quarter of 2020 to N5.3 billion which is an increase of N1.7 bIllion and a growth rate of 46 per cent in the current financial year.

Its  net premium income grew from N1.6billion in the first quarter of 2020 to N1.9 billion in the same period of 2021 amounting to a growth rate of 18 per cent.

The company also grew it’s business portfolio just as it recorded a slight increase in the claims payout in the first quarter of 2021, with s total sum payment of N1.2 bIllion compared to N1billion paid in the corresponding period of 2020.

The figure represents a 17 per cent increase in claims payout.

In addition, net claims expense in the first quarter of 2021 grew by 8 per cent to N965million, compared to the net claims expense of N896 million in the first quarter of 2020.

Total equity of the Company in Q2 of 2021 grew by 12 per cent from N8 billion in the corresponding period of 2020 to N9 billion  in Q1 of 2021, while the Total Assets also increased from N13.4 billion in the first quarter of 2020 to N14 billion in the corresponding period of 2021 with a marginal growth rate of 5 per cent.
Earnings per Share rose from 3.29 kobo in the first quarter of 2020 to 3.45 kobo in the first quarter of 2021, while net assets also increased from 71 kobo in Q1 2020 to 79 kobo in the corresponding period of 2021.

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