Soyika, MD, STI

By Ngozi Onyeakusi—Sovereign Trust Insurance Plc has undoubtedly remained on the path of growth in the second quarter of 2021 going by the recent release of the Underwriting Firm’s unaudited account.

According to a statement signed by the DGM, Sales and Corporate Communications STI, Segun Bankole, the second quarter performance of the firm showed increase in a total gross premium written to the tune of N7.8b compared with N6.03b recorded at the corresponding period of 2020, representing 30% growth rate. In like manner, the net premium income grew from N2.4b in the second quarter of 2020 to N2.8b in the same period of 2021 amounting to a growth rate of 16%.

A remarkable increase was also recorded in the Profit Before Tax of the Company from N501m in the second quarter of 2020 to N662m in the corresponding period of 2021, with a 32% growth rate while Profit After Tax grew by 16% from N448m in the second quarter of 2020 to N518m in the second quarter of 2021.

Understandably, as the Underwriting Firm grew the portfolio of its business, it also recorded a slight increase in the claims payout in the second quarter of 2021 having paid a total sum of N1.8b compared to the sum of N1.4b that was paid as claims in the corresponding period of 2020, representing a 26% increase in claims payout. This also underscores the Company’s commitment to settling genuine claims as and when due. Net Claims expense in the second quarter of 2021 grew by 9% to N1.074b compared to the net claims expense of N985m in the second quarter of 2020.

The total equity of the Company in the second quarter of 2021 also grew by 11% from N8.1b in the corresponding period of 2020 to N9.059b in Q2 of 2021 while the Total Assets also increased from N13.1b in the second quarter of 2020 to N13.8b in the corresponding period of 2021 with a marginal growth rate of 5%. Earnings per Share rose from 3.95kobo in the second quarter of 2020 to 4.57kobo in the second quarter of 2021 while net assets per share also increased from 72kobo in Q2 2020 to 79kobo in the corresponding period of 2021.