Thursday, September 18, 2025
24.2 C
Lagos

Sovereign Trust Insurance Reports N687m Profit in 2020, Up 37%

Mr. Olaotan Soyinka

Managing Director/CEO

Sovereign Trust Insurance Plc

In spite of the challenging operating environment that characterised operations of most businesses in the country in 2020 which was largely due to the effects of the Covid-19 pandemic and the seeming lull in the insurance sector in the year, Sovereign Trust Insurance Plc has once again put up a commendable performance in the year under review when compared with the company’s performance in 2019.

The Managing Director and Chief Executive Officer of the underwriting firm, Mr. Olaotan Soyinka said the development is an encouraging one considering the level of work that was put in place in 2020.

It is quite interesting to note that the company recorded a leap of 37% in its Profit After Tax of N687 million as against N503 million recorded in year 2019.  The Gross Premium Written in 2020 stood at N11.1 billion compared to the N10.8 billion written in 2019, representing a marginal increase of 2%.

Another interesting highlight of the 2020 accounts which could be described as heart-warming is the rise in the company’s total assets from N13.4 billion to N14.8 billion in 2020 representing 11% increase.

As the company grew its balance sheet in 2020, so did it also increase its claims payout. In 2020, a total of N3.48 billion was paid as claims against N2.2 billion that was paid in 2019. This in a way underscores the company’s claims paying ability coupled with the company’s renewed attention at delighting our customers.The net premium income also grew by 10% from N5.9 billion to N6.5 billion in 2020.

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.

“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” in the years ahead.

 

 

 

spot_img
spot_img

Hot this week

Designing the Future: Arc Christian Benimana, Prof Taibat Lawanson to Headline Ecobank Design and Build 2025

Ecobank Nigeria has announced that celebrated architect Arc. Christian...

Sovereign Trust Insurance Wins Enactus Catalyst Award

From L-R: Victor Akinfala, Head Partnerships & Special Projects,...

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

Universal Insurance MD/CEO, Jeff Duru, Bags CIBN Associate Membership

  Dr. Jeff Duru Managing Director/CEO Universal Insurance Plc The Managing Director/CEO of...

Sterling One Foundation CEO, Olapeju Ibekwe, Joins Board of UN Global Compact Network Nigeria Ahead of UNGA 80

    Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation,...

Topics

Africa, ME Wearables Market Grow 66% in 2nd Qtr

The Middle East and Africa (MEA) wearables growth story...

Debts Issuances in Sub-Saharan Africa Fall 10% in 1st Half 2016 to $6.9bn

Debts issued by the Sub-Saharan African (SSA) States and...

AccorHotels: A Record Year of Growth, Development in Africa

Straight from the African Hotel Investment Forum (AHIF) in...

Heirs Insurance Group Posts N20bn in Revenue for FY2022, Cements Position in Sector

  - N2.7bn underwriting profit and N849.4m PBT in FY2022 -...

Rotimi Edu Becomes 21st President of NCRIB

Barrister Oluwarotimi Edu is expected to become the 21st...

Market Closes Flattish as Banking Stocks Rebound… NSE ASI up 2bps

The Local Bourse extended gains from the previous session...

Stanbic IBTC Partners Afreximbank on N300bn Domestic Bond

    Stanbic IBTC Capital Limited, a subsidiary of the Stanbic...
spot_img

Related Articles

Popular Categories

spot_imgspot_img