In spite of the lull in the insurance sector last year, Sovereign Trust Insurance Plc, put up a performance that out paced the performance in 2019. The managing director and chief executive officer, Mr. Olaotan Soyinka, said the development is an encouraging one considering the level of work that was put in place in 2020.
In a statement by the GDM/Head, Sales & Corporate Communications, Olusegun Bankole, noted that the company recorded a 37% leap in its profit after tax of N687m as against N503m the previous year. Encased in the encouraging result is N11.1bn gross written premium, a marginal increase of 2% over N10.8bn written the penultimate year. Also prominent is the 11% increase in total assets rising from N13.4bn to N14.8bn.
The claims obligation report cleared that N3.48bn claims was paid as against the 2019 record of N2.2bn. The company said the claims paying track underscores its responsibility to customers. The net premium income also grew by 10% from N5.9bn to N6.5bn.
The managing director unfolding the result to the media said the shareholders and stakeholders interest is secured by the management and “determined to effectively and strategically position the company as one of the leading insurance companies in the country while at the same time, propel the company to a profitable height for shareholders’ delight” in the years ahead.