Sovereign Trust Insurance Plc has continued in its growth trajectory as the underwriting firm significantly grew its Gross Premium Written in the third quarter of 2018 by 27 per cent above what was generated in the same period of 2017 with a sum of N2 billion, from N7.3 billion to N9.3 billion. Net Premium rose from N3.5 billion to N4.1 billion in the third quarter of 2018, representing 17 per cent increase.
The company’s total Assets also increased by 7 per cent in the quarter under review from N9.7 billion to N10.4 billion.
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 2 per cent from N1.2 billion in Q3 of 2017 to N1.3 billion in the same quarter of 2018.
Consequently, the Profit before Tax deepened by 16 per cent from N716 million to N601 million in Q3 of 2018. There was a decline also in the Profit after Tax from N667 million to N543 million, representing a 19 per cent decrease in the quarter.
Remarkably, Sovereign Trust Insurance Plc is 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 2 decades Firm that is yet to hit that mark.