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Sovereign Trust Insurance Posts N5.2bn Gross Premium In Q1 2018

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Sovereign Trust Insurance(STI) Plc have started the 2018 Financial Year on a very good note with a Gross Written Premium(GWP) of N5.2 billion as against the N4.1 billion that was written in the same period in 2017.

This also represents an increase in growth rate of 25.7 per cent within this period.

The Gross Premium Income also grew by 30 per cent from N3.8 billion that was generated in the first quarter of 2017 to N4.9 billion in the first quarter of 2018.

While it’s underwriting profit increased by N182 million from N746 million in the first quarter of 2017 to N928 million in the same corresponding period, this shows a growth rate of 24.5 per cent.

The Profit before Tax hit a 28 per cent increase as it grew from N488 million in the first quarter of 2017 to N625 million in the same period of 2018 while Profit after Tax also leapt from N437 million in Q1 2017 to N560 million in the first quarter of 2018, representing a growth rate of 28 per cent as well.

In its 2017 year-end, it posted a Gross Premium Written of N8.5 billion as against the N6.3 billion written in 2016.

The company said, the underwriting firm has become very resolute in maintaining a positive performance scorecard with regards 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.



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