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Sovereign Trust Insurance Plc grows PAT by 13% to N606 million in Q3 2021

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Sovereign Trust Insurance Plc. has released its third quarter results for the period ended September 30, 2021. The firm posted double-digit growth in its key financial metrics for the period under review.

The breakdown of the financials showed that the gross premium written grew by 17% from N8.4 billion in 2020 to N9.8 billion in the third quarter of this year, while its net premium income grew by 34 per cent to N4.3 billion from N3.2 billion recorded in the corresponding period in 2020.

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Following similar growth trajectory, the firm’s bottom line soared by 13 percent to N606 million as against N537 million recorded in 2020. Earnings per share printed 6.18 kobo as against N5.28k recorded in corresponding period of last year; net assets per share also took a leap from 57k in 2020 to 81k this year.

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In terms of the firm’s statement of financial position, total assets grew by 11 percent to N14 billion from N12.6 billion in the same period last year. Total equity also grew by 12% to N9.2 billion from N8.2 billion in 2020.

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Commenting on the performance, the Managing Director and Chief Executive Officer of the Company, Mr. Olaotan Soyinka, said the result reflects the realities of the times and that the company is undaunted and will continue to remain focused in ensuring that it keeps up with its obligations as a very dynamic and responsive corporate entity.

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The Managing Director while briefing newsmen in Lagos said the Management of the Company is committed to meeting and surpassing the expectations and aspirations of its shareholders and other stakeholders as the company remains focused on her strategic objective of accelerating the growth of the company through asset base, revenue and profitability in the years ahead.

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