Sovereign Trust insurance records gross premium of 9.8 billion naira


Sovereign Trust Insurance (STI) Plc, recorded a 17% growth in its gross written premiums (GPW) for the third quarter of 2021, from 8.4 billion naira in 2020 to 9.8 billion naira in 2021.

In its recently released third quarter 2021 unaudited result, the insurer posted a net premium increase from 3.2 billion naira in the third quarter of 2020 to 4.3 billion naira in the third quarter of 2021, which represents a growth rate of 31%.

The company’s total assets also increased by 11% during the period under review, from N12.6 billion in September 2020 to N14 billion in the corresponding period of 2021.

Total equity also increased by 12%, from 8.2 billion naira in the corresponding period of 2020 to 9.2 billion naira in the third quarter of 2021.

The company also recorded a 17% growth in its profit before tax totaling 701 million naira against 600 million naira recorded in the corresponding period of the year 2020, while the profit after tax increased by 13%, rising from 537 million naira to 606 million naira during the period under review.

Company Managing Director / CEO Mr. Olaotan Soyinka said the result reflects the realities of the times and the company is fearless and will continue to stay focused to ensure it meets its obligations as a very dynamic and responsive company. entity.


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