Sovereign Trust Insurance Plc has shown a consistent rise in its profitability after it recorded 352 per cent Profit After Tax (PAT) increase in third quarter (Q3) 2017.
According to the firm’s Assistant General Manager, Corporate Communications/Brand Management, Segun Bankole, the third quarter performance shows that the underwriting firm is very much on course with meeting the aspirations of her various shareholders in the days ahead the company’s total Gross premium written grew from N4.9billion in Q3 2016 to N7.3billion representing an increase of N2.4billion, and a growth rate of 50.4 per cent in the current financial year.
In like manner, the net premium income grew from N4.3billion in Q3 2016 to N7.2billion in the same period of 2017, amounting to a growth rate of 65 per cent.
While underwriting profit rose from N1.1billion to N1.3billion representing a growth of 16.7 per cent while investment income also grew by 63 per cent from N235million in 2016 to N383million in Q3 2017.
Profit before tax grew by 334 per cent from N165million in 2016 to N716million in 2017, while profit after tax also grew from N147million to N667million in in the review period representing a growth rate of 352 per cent.