From Ngozi Onyeakusi, Lagos
Sovereign Trust Insurance Plc., one of the leading underwriting firms in the country has recorded N8.5billion Gross Premium for the financial year ended 31st December, 2017.
The firm within the period settled net claims worth N1.3billion. This, according to the company is a 9.5% improvement over 2016 figure of N1.44billion.
The firm attributed the reduction in claims paid within the period to its efficient claims management.
STI within the period recorded Profit after tax of N157million, representing a 569% increase when compared with N23million recorded in 2016.
Profit Before Tax equally soared to N202million against N44million recorded in year 2016 thus showing over 351% increase.
Addressing shareholders at the company’s 23rd Annual General Meeting held in Lagos, the Chairman, Oluseun Ajayi stated that in spite of the harsh economic environment, STI made a nice outing.
According to him, Gross Premium Written grew marginally to N8.5billion representing a 33% increase over the N6.3 billion recorded in 2016.
“The drive to continue to uphold comprehensive growth strategy still forms the bedrock upon which the company is built. Amidst the various challenges that characterized the industry within the year, Sovereign Trust Insurance Plc was able to record Gross Premium Written of N8.5billion representing a 33% increase over the N6.3 billion recorded in 2016.
The Net Claims Expenses in 2017 was N1.3billion which is a 9.5% improvement over the sum of N1.44billion recorded in 2016 because of efficient claims management.
In the same vein, the company recorded a Profit Before Tax of N202million as against N44million recorded in year 2016 representing over 351% increase.
Profit after tax also stood at N157million, a 569% increase when compared with the sum of N23million recorded in 2016. Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 1.87% as against 0.47% achieved in the corresponding year of 2016”, he acclaimed.
Similarly, the firm within the period grew its Investment income by 41.6% from N286million in 2016 to N406million in 2017.
In addition, its total assets rose from N9.5billion to N10.8billion representing 13.7% increase. The composition of the assets was well structured to position the company for better future performance.
Shareholders at the meeting commended the company for recording a wonderful performance.
Mr Tom Ogboi lauded STI for sustaining profitability, especially this period when the nation’s economic is facing series of headwinds.