Sovereign Trust Insurance recorded N10.8billion Gross Premium Written representing a 3% increase over the N10.5billion recorded in 2018 with the net premium Income equally growing by 18% to N5.9billion over the sum of N5.0billion recorded in the corresponding year.
The company also recorded a Profit Before Tax of N819million as against N541million recorded in year 2018 or over 52% increase. Profit after tax also stood at N503million, or 46% increase when compared with the sum of N344million recorded in 2018 while the Return on Capital Employed (ROCE) showed a positive performance of 9.2% as against 8.0% achieved in the corresponding year of 2018.
The company’s Investment income rose by 20.8% from N388million in 2019 to N469million in 2018, even as the size and quality of the balance sheet equally improved as total assets rose from N11.3billion to N13.4billion representing a 19% increase while earning per share improved by 42% from 4.13kobo to 5.86kobo.
The Chief Spokesperson of the Organization, Mr. Segun Bankole shared this information yesterday in Lagos while briefing newsmen in preparation for the 25th Annual General Meeting of the Underwriting Firm.
The Managing Director and Chief Executive Officer of the company, Mr. Olaotan Soyinka while commenting on the company’s performance attributed it to the commitment shown by every member of staff who he described as the Drivers of the organization coupled with the fact, that the company’s Management is also dedicated to ensuring that the company takes its place of pride in the Industry.
According to him, “it is a statement of fact that we want to be a leading brand in the Insurance Industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure.” Our 2019 performance was not fortuitous, we worked towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing serious premium on corporate governance and ethics of the business.
