STI grows profit after tax by 37 per cent

Sovereign Trust Insurance (STI) Plc has recorded a leap of 37 per cent in its profit after tax (PAT), increasing from N503 billion in 2019 to N687 million, the Managing Director and Chief Executive Officer, Olaotan Soyinka, has said.

Soyinka stated that the performance came despite the challenging operating environment that characterised 2020, due to the effects of the COVID-19 pandemic and the lull in the sector in the year.

He said the growth in the company’s result is encouraging, considering the level of work that was put in place in 2020.

According to him, the gross premium, last year, stood at N11.1 billion compared to the N10.8 billion written in 2019, representing a marginal increase of two per cent.

There was also a rise in the company’s total assets from N13.4 billion to N14.8 billion, representing 11 per cent increase.

He said: “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.”