MD/CEO STI

Sovereign Trust Insurance Plc, a leading insurance firm in Nigeria has released its unaudited financial statements for the period ended December 31, 2020 with its  profit after income tax recording  48% growth rate  to the tune of N746.294 million from N503.382 million recorded in 2019.

The firm equally posted 2% growth in gross premium written to N11.121 billion from N10.880 billion in 2019.

Recall that STI  in the corresponding period of 2019 recorded three percent growth in its  Gross Premium Written to N10.8billion from  N10.5billion recorded in 2018. The net premium Income equally grew by 18% to N5.9billion over the sum of N5.0billion recorded in the corresponding year.
In the same vein, the company recorded a Profit Before Tax of N819million as against N541million recorded in year 2018 representing over 52 per cent increase. Profit after tax also stood at N503million, a 46 per cent increase when compared with the sum of N344million recorded in 2018. Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 9.2 per cent as against 8.0 per cent achieved in the corresponding year of 2018. Similarly, the company’s Investment income rose by 20.8% from N388million in 2019 to N469million in 2018.
The size and quality of the balance sheet equally improved as total assets rose from N11.3billion to N13.4billion representing a 19% increase while earning per share improved by 42 per cent from 4.13kobo to 5.86kobo.
The Managing Director and Chief Executive Officer of the company, Olaotan Soyinka has attributed the performance to the commitment shown by every member of staff who he described as the Drivers of the organization coupled with the fact, that the company’s Management is also dedicated to ensuring that the company takes its place of pride in the Industry.