Sovereign Trust Insurance Plc said its profit after tax rose by 569 percent at end of financial year ended 31, December 2017.
According to statement released by the company’s Head, Corporate Communications & Brand Management, Mr. SegunBankole, Profit after tax rose to N157million, a 569 per cent increase when compared with the sum of N23million recorded in 2016.
The statement added that Gross Premium Written appreciated to N8.5billion representing a 33per cent increase over the N6.3 billion recorded in 2016.
The Net Claims Expenses in 2017 stood at N1.3billion which is a 9.5per cent improvement over the sum of N1.44billion recorded in 2016 because of efficient claims management.
In the same vein, the company recorded a Profit Before Tax of N202million as against N44million recorded in year 2016 representing over 351% increase.
Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 1.87% as against 0.47per cent achieved in the corresponding year of 2016. Similarly, the Investment income rose by 41.6per cent from N286 million in 2016 to N406million in 2017.
In addition, the total assets rose from N9.5billion to N10.8billion representing 13.7per cent increase. The composition of the assets was well structured to position the company for better future performance.
Speaking on its financial performance, the Managing Director, Mr. Olaotan Soyinka reiterated the company’s unwavering commitment to creating value to both Shareholders and Stakeholders alike. In his words, “the path through achieving growth and sustaining same is not without its challenges but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team”.
Having met all the stipulated requirements outlined by the National Insurance Commission and the Nigerian Stock Exchange, NSE, respectively, the top underwriter has announced that its 23rd Annual General Meeting will hold on Thursday, September 27, 2018 in Lagos.
The statement added that “the company has satisfactorily fulfilled all the necessary conditions for the approval of its 2017 Annual Reports & Accounts and as such, have been given the go-ahead to host the 23rd edition of its Annual General Meeting.