Sovereign Trust Insurance post 352% rise in profit in nine months

Sakiru Oyefeso

Sovereign Trust Insurance plc said its profit grew by 352% to NGN667.9 million in the nine months ended in 2017 compared to NGN147.7 million recorded same period in the financial year 2016.

The company’s gross premium written surged up to NGN7.9 billion in contrast to NGN4.9 billion posted in the previous year while gross premium income was NGN7.2 billion against NGN4.3 billion in the year before.

Total reinsurance expenses were higher at NGN3.6 billion against NGN1.9 billion in the fiscal year 2016 while net premium income stood at NGN3.5 billion against NGN2.4 billion last year.

Total assets declared by Sovereign Trust Insurance in the nine months was NGN9.7 billion compared to NGN9.5 billion recorded in the year 2016 while total liabilities was lowered to NGN3.9 billion against NGN4.2 billion in the year before.