Sovereign Trust’s profit Before Tax Rose by 167%

• Sovereign Trust’s profit Before Tax Rose by 167%

Sovereign Trust Insurance Plc said its profit before tax rose by 167 per cent to N540m in 2018 financial period from the N202m in year 2017.

A statement from the underwriting firm said that despite the challenging economic environment that characterised operations of most businesses in the country in 2018, the gross premium written in 2018 rise by 23 per cent to N10.5bn from N8.5bn written in 2018.

The company’s profit after tax rose by 118 per cent to N344m in the period under review from N157m in 2017.

In 2018, it paid N4.2bn claims from a figure of N1.9bn in 2017, while the net claims expense grew to N1.7bn from N1.3bn.

This in a way underscored the company’s claims paying ability resulting in a 37 per cent net claims expense, it added.

The total assets also grew by five per cent to N11.3bn in 2018 from N10.8bn in 2017.

The Managing Director and Chief Executive Officer of the underwriting firm, Mr Olaotan Soyinka, said the development was a very heart-warming one considering the level of work that was done in 2018.

He said the management of the company was committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.

“These performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading insurance companies in the country while at the same time propel the company to a profitable height for shareholders’ delight,” he stated.