Despite economic challenges in the country, Sovereign Trust Insurance Plc recorded 42 per cent growth in its profit after tax (PAT) in 2021.
The company’s PAT during the period stood at N974 million as against N687 million recorded in 2020. Its profit before tax (PTB) increased from N796 million in 2020 to N885 million in the year under review, representing 11 per cent growth.
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 per cent while the total assets of the company rose from N14.8 billion to N16.3 billion in 2021 representing an 11 per cent increase.
Its Managing Director, Olaotan Soyinka, said as the company grew its balance sheet so it did in a claim payout.
According to him, in 2021, a total of N3.7 billion was paid as claims compared to N2.9 billion that was paid in 2020.
“This in a way accentuates the company’s claims-paying ability coupled with the company’s renewed attention to delighting its customers. The net premium income also grew by 11 per cent, from N6.5 billion to N7.2 billion in 2021. Earnings per share also grew from N8 kobo to 11.3 kobo in 2021 while the total equity of the underwriting firm also grew by 11 per cent, from N8.6 billion in 2020 to N9.6 billion in 2021.
