Sunday, September 28, 2025
23.5 C
Lagos

Sovereign Trust Insurance Grows PBT by 51.5% in 2019

Mr. Olaotan Soyinka

Managing Director/CEO

Sovereign Trust Insurance Plc

The National Insurance Commission, NAICOM has granted its approval to the 2019 audited accounts of Sovereign Trust Insurance Plc. This development is coming on the heels of the recent pandemic that has phenomenally affected the business environment globally with no exception to the Insurance Industry in Nigeria.

Despite the challenge, Sovereign Trust Insurance Plc (the Company) has once again put up a brilliant performance in the year under review when compared with the company’s performance in 2018.

The Managing Director and Chief Executive Officer of the Underwriting Firm, Mr. Olaotan Soyinka said the development is an encouraging one as he believes the company will continue to remain on the path of growth in the days ahead.

It is quite interesting to note that the Company recorded a significant growth of 51.5% in its Profit Before Tax totaling N819m as against N540m recorded in year 2018.  The Gross Premium Written in 2019 stood at N10.8billion compared to the N10.5billion written in 2018, representing a minimal 3.43% increase.

Another outstanding highlight of the 2019 accounts which could be described as remarkable is the rise in the Company’s Profit After Tax to N503m as against N344m in 2018 representing 46% increase.

As the Company grew its balance sheet in 2019, so did it also increase its claims payout.  In 2019, the net claims paid stood at N2.2billion as against N1.7billion that was paid in 2018. This in a way underscores the Company’s claims paying ability resulting in a 23.59% net claims expense.The total assets also grew by 18.5% to N13.4billion in 2019 from N11.3billion in 2018. The Shareholders’ Funds also rose from N5.8billion in 2018 to N7.7billion in 2019, culminating into a 33.7% increase.

The Managing Director while briefing newsmen in Lagos said the Management of the Company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike as the industry gravitates towards another round of recapitalization.

“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 post-recapitalisation.”

 

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

Ecobank Nigeria Launches AI, Digital Skills Training for Children in Lagos Schools

Some members of staff of Ecobank Nigeria, Opolo Global...

Mobile Broadband to Reach 4.3bn Globally in 2017

The new 2017 edition of ITU’s ICT Facts and Figures reveals...

Allianz Africa: 10 MBA Scholarships to Drive Sustainable Development

Coenraad Vrolijk Regional CEO of Allianz Africa Allianz Africa's commitment to...

Silk Road on Rails: The China-Europe Block Trains

The biggest story coming out of China today is...

MultiChoice Talent Factory 2025 Calls for Entries

  MultiChoice Talent Factory is thrilled to announce that it’s...

Ghana: AfDB Approves $23.04m for Modern Floating Dock Facility

  The Board of Directors of the African Development Bank...

Nestlé: Achieving Environmental Commitments in Central, West Africa

• Reduced energy consumption by 20%, cut water consumption...

NCC Emergency Comm Centres Handled 1, 500 COVID-19-Related Calls

Prof. Umar Danbatta Executive Vice-Chairman Nigerian Communications Commission (NCC) The Executive Vice...
spot_img

Related Articles

Popular Categories

spot_imgspot_img