Sovereign Trust’s Profit Rose by 27% in Q3

• Sovereign Trust’s Profit Rose by 27% in Q3

Sovereign Trust Insurance Plc said its gross premium written grew by 27 per cent by N2bn, from N7.3bn in third quarter of 2017 to N9.3bn in third quarter of 2018.

In a statement on Monday from the Assistant General Manager, Corporate Communicatios and Brands Management, Mr Segun Bankole, the company’s net premium rose by 17 per cent from N3.5bn to N4.1bn in the third quarter of 2018, while its total assets increased by seven per cent in the quarter under review from N9.7bn to N10.4bn.

“As expected of an underwriting firm that has generated more business than it did in the previous quarter of 2017, the claims expense of the company slightly increased by two per cent from N1.2bn in Q3 of 2017 to N1.3bn in the same quarter of 2018,” it stated.

Consequently, it added, the profit before tax deepened by 16 per cent from N716m to N601m in Q3 of 2018.

The company however noted that there was a decline in the profit after tax from N667m to N543m, representing a 19 per cent decrease in the quarter.

Sovereign Trust said it was poised to ending the year on a very positive note going by the recent trend of its consistent growth rate.

“It is almost certain that the Underwriting Firm will close the 2018 financial year on a 2-digit billion figure by all indication; a feat that will be considered historical for the more than two decades firm that is yet to hit that mark.

“No doubt, the company is very much on course in delighting its numerous shareholders across the nook and cranny of Nigeria and beyond. Better days are indeed ahead.”