Sovereign Trust Insurance Plc said it recorded a 51.5 per cent growth in its profit before tax in its audited financial report for the year ended December 31, 2019. The company, during the period recorded profit before tax of N819 million as against the N540 million it realised in 2018. Also, its Gross Premium Written in 2019 stood at N10.8 billion, compared to the N10.5 billion achieved in 2018. This represented a minimal 3.43 per cent growth.
In addition, the company’s profit after tax also rose to N503 million as against the N344 million it posted in 2018, which also represented a 46 per cent growth.
Sovereign Trust Insurance Managing Director, Mr Olaotan Soyinka, told journalists that the company, during the period grew its balance sheet and claims payment figure simultaneously.
According to him, claims paid during the period grew from N1.7 billion in 2018 to N2.2 billion in 2019. Total assets also grew by 18.5 per cent to N13.4 billion in 2019, from N11.3 billion in 2018. The shareholders’ funds also rose from N5.8 billion in 2018, to N7.7 billion in 2019, culminating into a 33.7 per cent increase.