Underwriting firm, Sovereign Trust Insurance Plc has recorded gross written premium of N5.2 billion at the end of first quarter 2018, as against the N4.1 billion during the same period in 2017, representing an increase in growth rate of 25.7 percent. The Gross Premium Income also grew by 30 percent from N3.8 billion that was generated in the first quarter of 2017 to N4.9 billion in the review period.
Riding on the heels of the impressive performance recorded at the year-end in 2017 with a Gross Premium Written of N8.5 billion as against the N6.3 billion in 2016, the company is optimistic it will close the year on a good note.
Highlights of the 2018 first quarter performance of the firm is the underwriting profit which increased by N182 million from N746 million in the first quarter of 2017 to N928 million in the same corresponding period giving a growth rate of 24.5 percent.
The Profit before Tax hit a 28 percent increase rising from N488 million in 2017 to N625 million during the review period in 2018, while profit after tax also leapt from N437 million in first quarter 2017 to N560 million in the first quarter of 2018, representing a growth rate of 28 percent as well.
The company is resolute in maintaining a positive performance scorecard during the year, with regard 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.
Modestus Anaesoronye
