Sovereign Trust Insurance Plc said its gross premium written grew by 27 per cent by ₦2 billion, from ₦7.3 billion in third quarter of 2017 to ₦9.3 billion in third quarter of 2018.
In a statement on Monday from the Assistant General Manager, Corporate Communicatios and Brands Management, Mr Segun Bankole, the company’s net premium rose by 17 per cent from ₦3.5 billion to ₦4.1 billion in the third quarter of 2018, while its total assets increased by seven per cent in the quarter under review from ₦9.7 billion to ₦10.4 billion.
“As expected of an underwriting firm that has generated more business than it did in the previous quarter of 2017, the claims expense of the company slightly increased by two per cent from ₦1.2 billion in Q3 of 2017 to ₦1.3 billion in the same quarter of 2018,” it stated.
Consequently, it added, the profit before tax deepened by 16 per cent from ₦716 million to ₦601 million in Q3 of 2018.
The company however noted that there was a decline in the profit after tax from ₦667 million to ₦543 million, representing a 19 per cent decrease in the quarter.
Sovereign Trust said it was poised to ending the year on a very positive note going by the recent trend of its consistent growth rate.
“It is almost certain that the Underwriting Firm will close the 2018 financial year on a 2-digit billion figure by all indication; a feat that will be considered historical for the more than two decades firm that is yet to hit that mark.
“No doubt, the company is very much on course in delighting its numerous shareholders across the nook and cranny of Nigeria and beyond. Better days are indeed ahead.”