Sovereign Trust Insurance Plc recorded a growth of 42% in its Profit After Tax from N687 million in 2020 to N974 million in 2021, while Profit Before Tax increased from N796 million to N885 million during the same period under review, representing an 11% growth rate.
Commenting, the company’s Managing Director, Mr. Olaotan Soyinka, said the development is indeed a commendable one considering the myriad of challenges that the insurance Industry had to deal with in the past year of 2021.
The Gross Premium Written in 2021 stood at N12.7 billion compared to the N11.1 billion written in 2020, representing an increase of 14%.
Another interesting highlight of the 2021 accounts is the rise in the Company’s Total Assets from N14.8 billion to N16.3 billion in 2021, representing 11% increase.
As the Company grew its balance sheet in 2021, so did it also increase its claims payout. In 2021, a total of N3.7 billion was paid as claims against N2.9 billion that was paid in 2020.
The net premium income also grew by 11% from N6.5 billion to N7.2 billion in 2021.
Earnings per share also grew from 8kobo to 11.3kobo in 2021, while the Total Equity of the Underwriting Firm grew by 11% from N8.6 billion in 2020 to N9.6 billion in 2021.
The Sovereign Trust Insurance boss said that 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.
