Sovereign Trust Insurance (STI) Plc has recorded N9.3 billion Gross Premium Written in the third quarter of 2018, signifying N2 billion growth from N7.3 billion posted in same period in 2017.
Its Net Premium also rose from N3.5 billion to N4.1 billion in the third quarter of 2018, representing 17 per cent increase, while the company’s total assets also increased by seven per cent in the quarter under review from N9.7 billion to N10.4 billion.
Because of increase in business generated in the current year, the claims expense of the company slightly increased by two per cent from N1.2 billion in Q3 of 2017 to N1.3 billion in the same quarter of 2018.
Consequently, the profit – before- tax deepened by 16 per cent from N716 million to N601 million in Q3 of 2018. There was a decline also in the profit- after- tax from N667million to N543million, representing a 19 per cent decrease in the quarter.
The company said it was really poised to ending the year on a very positive note going by the recent trend of its consistent growth rate.
Market observers believe the underwriting firm would close the 2018 financial year on a two-digit billion figure by all indication; a feat that would be considered historical for the more than two decades firm. The company promised a brighter future for its numerous shareholders across the nook and cranny of Nigeria and beyond.