STI gross premium hits N4.1b in Q1
By NGOZI Onyeakusi
Sovereign Trust Insurance Plc. has recorded an impressive performance in its unaudited financial report for the first quarter of 2017, as its total Gross premium written grew to N4.1 billion
This shows a 78 per cent growth rate when compared to
N2.3 billion recorded in the first quarter of 2016.
In the same vein, the its premium income grew from N1.1 billion in 2016 to N1.6 billion in 2017 amounting to a growth rate of 48%.
The underwriting profit equally rose from N571 million in 2016 to N746 million in 2017 representing a 30% surge while Investment income also grew by 12% from N121 million in 2016 to N135 million in 2017 Q1.
According to the company, Profit before tax grew considerably from N241 million in Q1 2016 to N488 million in the same Q1 in 2017 representing a growth rate of 102%
Management Expenses reduced from N402 million in Q1 2016 to N369 million in the same period in 2017, this company attributed to the Management Team’s commitment to reducing cost of operation as much as possible with the ultimate aim of delighting its shareholders.
In spite the harsh operating environment that has beclouded the operations of so many insurance companies and other corporate organizations in the first quarter of the year especially at a period that the Nation is still in recession, Sovereign Trust has been able to record meaningful appreciation in all its financial indices going by its first quarter 2017unaudited financial statements. The future indeed, looks very promising.