STI sustains high half year performance with N630m profit

Managing Director/Chief Executive officer, Sovereign Trust Insurance Plc, Olaotan Soyinka

Sovereign Trust Insurance Plc has maintained high half year (H1) performance going by its unaudited financial results, which was made available to the public by the underwriting firm.

With a resolve to being one of the leading players in the Insurance industry, the half year performance showed total Gross premium written grew from N3.7billion in H1 2016 to N6.1billion representing an increase of N2.4billion and a growth rate of 64 per cent in H1 2017. Likewise, the net premium income grew from N2.3billion to N2.8billion in the same period under review, amounting to 22 per cent increase.

The underwriting profit rose from N1.11billion to N1.4billion or 2.7 per cent rise, while investment income also grew by 73 per cent from N140million in 2016 to N243million in Q2 2017.

Similarly, profit before tax rose by 57.5 per cent from N400million to N630million, and profit after tax by 57.6 per cent from N373million in 2016 to N588m in 2017 respectively.

Furthermore, the company’s Management Expenses were pruned in the review period to N713million against N762million a year earlier, representing a 6.4 per cent cuts. Indeed, the Management Team reiterated its commitment to reducing cost of operations as much as possible.

Current performances confirm the viability and profitability of Sovereign Trust, and its management’s promise to create exceptional value for its numerous shareholders spread across Nigeria and beyond.

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Sovereign Trust Insurance
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