Surging ahead of myriads of challenges in 2021, Sovereign Trust Insurance Plc, put up a remarkable performance in the year under review and achieved a leap of 42% in its profit after tax over 2020 performance.
Its growth trajectory in spite of the challenging operating environment that characterised operations of most businesses in the country in 2021 was according to the managing director and chief executive officer, Mr. Olaotan Soyinka, (pictured) a commendable one considering the myriad of challenges that the insurance Industry had to deal with in the past year of 2021.
The company recorded a leap of 42% in its profit after tax of N974m as against N687m recorded in year 2020. Profit before tax equally increased as well from N796m in 2020 to N885m in the year under review, representing an 11% growth rate. The gross premium written in 2021 stood at N12.7bn compared to the N11.1bn written in 2020, representing an increase of 14%. Also highlighted in the accounts which the company described as heart-warming is the rise in the total assets from N14.8bn to N16.3bn in 2021 representing 11% increase.
As the Company grew its balance sheet in 2021, so did it also increase its claims payout. In 2021, a total of N3.7bn was paid as claims against N2.9bn that was paid in 2020. This in a way accentuates the company’s claims paying ability coupled with the renewed attention at delighting her customers.
The net premium income also grew by 11% from N6.5bn to N7.2bn in 2021. Earnings per share also grew from N8kobo to 11.3kobo while the total equity of the underwriting firm also grew by 11% from N8.6bn in 2020 to N9.6bn.
The managing director while briefing newsmen in Lagos said the management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike. “These performance levels are a confirmation of the management’s determination 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.