• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Monday, May 23, 2022
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Sovereign Trust Growth Strategy Takes Performance Higher

Nwanne Ikemefune by Nwanne Ikemefune
May 4, 2021
in Insurance
0 0
0
Olaotan Soyinka
0
SHARES
20
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Sovereign Trust Insurance Plc has set May 27, 2021, as a date to hold the 26th annual general meeting where the company unveils the great resilience amidst the various challenges that characterised the operating environment in the year 2020 in which it recorded GWP of N11.12bn as against N10.3bn for 2019.

A statement by the chief spokesperson of the organisation, Mr. Segun Bankole, said the company ended the 2020 financial year on a promising note despite the harsh operating environment caused by the novel Coronavirus disease, Covid-19 and the global impact. However, “the urge to continue to maintain an enduring and comprehensive growth strategy still forms the bedrock of the company’s operations.”

The company performance which he noted is consistent, “was able to record gross premium written of N11.12bn in 2020 as against N10.3bn recorded in 2019.” The company’ net premium grew by 10% from N5.9bn to N6.5bn. The net underwriting income grew by 9.7% from N6.9bn to N7.6bn.

Sovereign Trust said this performance resulted in a profit before tax of N796m and a profit after tax of N688m, a 37% increase when compared with the sum of N503m recorded in 2019.

Also on the growth corridor is the balance sheet which improved, registering total assets of N14.8bn up from previous N13.4bn, representing 10.5% growth. Earning per share also improved b 33% from 6 kobo to 8 kobo. Return on Capital Employed (ROCE) made a positive mark of 8.1% as against previous 5.6%.The statement further said investment and other income grew by 27% from N468m to N622m.

The managing director/chief executive officer, Mr Olaotan Soyinka sealing the performance said: “by no means, 2020 was a very tough year for many businesses, but the fundamentals of our company are strong, and this buttressed by our capacity to remain profitable despite the harsh economic conditions prevailing in the business environment.”

Soyinka said the company will forge on three dimensions: remain profitable, continue to reengineer its strategy in line with current realities and deflate all resting oars as it continues improvement in performance in the years ahead.

Previous Post

Pension Operators Say CPS Has Multi-System Hedge Against Assets Decline

Next Post

EndSARS Insurance Claims Hit N4.5bn And Possibly More

Nwanne Ikemefune

Nwanne Ikemefune

Next Post
EndSARS Insurance Claims Hit N4.5bn And Possibly More

EndSARS Insurance Claims Hit N4.5bn And Possibly More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

April 3, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

349
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

48
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

42
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

41
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
Africa Insurance Solutions Sought To Douse Uninsured Risks And Lift Penetration Level

NEM Insurance Positive Ticks Surround 2021 Performance

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

NAICOM Harvests Real Time Statistical Data, Raises Market Transparency

May 23, 2022

Recent News

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
Africa Insurance Solutions Sought To Douse Uninsured Risks And Lift Penetration Level

NEM Insurance Positive Ticks Surround 2021 Performance

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

NAICOM Harvests Real Time Statistical Data, Raises Market Transparency

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

May 20, 2022
Access Holdings Plc Sets To Clinch Majority Stake In First Guarantee Pension

Access Holdings Plc Sets To Clinch Majority Stake In First Guarantee Pension

May 19, 2022
NAICOM Tells Operators To Match Its Speed, Take Over Secured Markets

College of Insurance Supervisors Charged To Harness Global Standards Fitting For West Africa

May 18, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

May 18, 2022

Sovereign Trust Performance Soars In Q1 2022, Rises By 37% Over 2021

May 16, 2022
NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

Katsina Govt Jabs Mild Insurance Enforcement, Embraces Call For Insurance Partnership

May 16, 2022
NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

May 13, 2022
Allianz Frees Capital With $35bn Annuity Reinsurance From Street & Resolution

Allianz Engages Gear To Exit Russia Fully, Says CFO

May 13, 2022
KPMG Hit With £14m Fine

KPMG Hit With £14m Fine

May 13, 2022
Preferred PenCom Logo

PFAs Begins The Process Of Handshake With NIMC By Data Recapture Of All RSA Holders

May 12, 2022
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2020 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In