From Ngozi Onyeakusi, Lagos
Sovereign Trust Insurance Plc has shown a consistent rise in its profitability after it posted another significant third quarter result for 2017.
The third quarter performance shows that the Underwriting Firm is very much on course with meeting the aspirations of her various Shareholders in the days ahead.
The total Gross premium written grew from N4.9b in the third quarter of 2016 to N7.3b representing an increase of N2.4b and a growth rate of 50.4% in the current financial year. In like manner, the net premium income grew from N4.3b in the third quarter of 2016 to N7.2b in the same period of 2017 amounting to a growth rate of 65%.
The underwriting profit rose from N1.1b to N1.3b representing a growth rate of 16.7% while investment income also grew by 63% from N235m in 2016 to N383m in 2017 Q3.
The profit before tax had a growth rate of 334% having increased from N165m in 2016 to N716m in 2017 while profit after tax also grew from N147m in 2016 to N667m in 2017 representing a growth rate of 352%.