Sovereign Trust Insurance(STI) Plc, recorded a 17 per cent growth in its gross premium written(GPW) for the third quarter of 2021, as it grew from N8.4billion in 2020 to N9.8billion in 2021.
In its 2021 Q3 unaudited result released recently, the insurer posted an increase in the net premium from N3.2billion in 2020 third quarter to N4.3billion in third quarter of 2021, representing a 31 per cent growth rate.
The company’s total assets also grew by 11 per cent in the period under review from N12.6 billion in September 2020 to N14billion in the corresponding period of 2021.
Total equity also grew by 12% from N8.2 billion in the corresponding period of 2020 to N9.2 billion in third quarter of 2021.
The company also recorded a growth of 17 per cent in its Profit Before Tax totaling N701million as against N600million recorded in the corresponding period in year 2020 while profit after tax increased by 13 per cent from N537 million to N606 million in the period under review.
The managing director/CEO of the company, Mr. Olaotan Soyinka said the result reflects the realities of the times and that the company is undaunted and will continue to remain focused in ensuring that it keeps up with its obligations as a very dynamic and responsive corporate entity.