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Sovereign Trust posts N5.2 billion income in Q1 2018


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

Riding on the heels of the performance recorded at the Year-end in 2017 with a Gross Premium Written of N8.5billion against the N6.3billion written in 2016, Sovereign Trust Insurance Plc (STI) has declared the 2018 Financial Year gross written premium of N5.2 billion as against the N4.1 billion written in 2017, representing a growth of 25.7per cent.

The Gross Premium Income grew by 30 per cent from N3.8billion generated in the first quarter of 2017 to N4.9billion in the first quarter of 2018.The firm also recorded an increase in its underwriting profit by N182million from N746million in the first quarter of 2017 to N928million within the corresponding period under review, giving a growth rate of 24.5per cent.

The Profit before Tax hit a 28 per cent increase as it grew from N488 million in the first quarter of 2017 to N625m in the same period of 2018 while Profit after Tax also leaped from N437million in Q1 2017 to N560 million in the first quarter of 2018, representing a growth rate of 28 per cent as well.

The underwriter, in informed the Guardian that the underwriting firm has become very resolute in maintaining a positive performance scorecard with regards to its operations and by extension, consolidate on the confidence that has been reposed in it by the insuring public and the numerous shareholders of the company.

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