Sovereign Trust Insurance Plc first quarter performance registered a significant leap with the first quarter profit before tax closing at N510 million, a record 66% increase over N306 million performance for the first quarter of 2020. The after tax performance still grew by 43% over the same period from N274 million to N392 million.
A statement by the DGM, Sales and Corporate Communications, Segun Bankole, show that the gross premium written grew from N3.6 bn same time previous year to N5.3bn, an increase of N1.7bn and a growth rate of 46%. The net premium income grew from N1.6bn to N1.9bn, a growth rate of 18%.
Also growing but lower than the rate of premium growth is claims pay out in the fist quarter which compared with the 2020 figures, increased by 17% from the past total claims paid which rose from N1bn to N1.2bn. The company said the claims record underscores its commitment to settling genuine claims as and when due. The net claims expense the statement stated, grew by 8% moving up from N896 million to N965 million.
The total earning of the company in the first quarter of 2021 also grew by 12% from N8bn in the corresponding period of 2020 to N9bn in Q1 of 2021 while the total assets also increased from N13.4bn in the first quarter of 2020 to N14bn in the corresponding period of2021 with a marginal growth rate of 5%.
Earnings per share rose from 3.29 kobo to 3.45 kobo while net assets also increased from 7 kobo to 79 kobo in the reviewed period.