Sovereign Trust Insurance Plc, set an enduring path in the midst of the avalanche of challenges and closed the 2019 performance with gross premium written figure of N10.8bn, representing a 3% increase over the N10.5bn recorded in 2018.
The net premium income equally grew by 18% to land at N5.9b, over the sum of N5b recorded in the corresponding year. According to the company, the performance was guided by an enduring and comprehensive growth strategy which forms the bedrock upon which the company is built.
The company’s further performance showed that a profit after tax of N819m was secured, as against N541m recorded the previous year, representing over 52% increase. Profit after tax was N503m, a 46% increase when compared with N344m recorded in 2018.
Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 9.2% as against 8% achieved in the corresponding year of 2018. Also, the investment income rose by 20.8% from N388m in 2019 to N469m in 2018.
The size and quality of the balance sheet equally improved as total assets rose from N11.3bn to N13.4bn, representing a 19% increase while earning per share improved by 42% from 4.13k to 5.86k.
The managing director/ chief executive officer, Mr. Olaotan Soyinka, attributed the performance to the commitment shown by every member of staff who he described as the drivers of the organisation, coupled with the fact that the company’s management is also dedicated to ensure that the company takes its place of pride in the industry.
He declares: “It is a statement of fact that we want to be a leading brand in the insurance industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure.”
He reiterated that the 2019 performance was not fortuitous, “we worked towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing serious premium on corporate governance and ethics of the business.”