Sovereign Trust Insurance Plc, a major player in Nigeria’s insurance sector has released its statements of comprehensive income for the period ended 30 September 2020 with a growth of36% in its paid-up capital.
The company paid-up capital grew from N4.1billion in 2019 third quarter (Q3) to N5.68billion in the third quarter of 2020.
What this portends is that the Company has scaled through the first phase of the recapitalization process of the Insurance Industry as stipulated by the National Insurance Commission (NAICOM), which has set a terminal date of December 31, 2020, for the first phase of the recapitalization process.
Profit Before Tax grew by 7% to N600million as against N560m recorded in the corresponding period in the year 2019 while profit after tax also increased with the same 7% margin from N501million to N537million in the period under review inspire of that the gross premium written dipped by 8% from N9.1billion in 2019 to N8.4billion in 2020 third quarter.
Shareholders’ Funds also grew by 6.3% in the period under review from N7.7billion in September of 2019 to N8.2billion in the corresponding period of 2020.
Speaking on its performance, the Managing Director/CEO, Mr. Olaotan Soyinka, said the Management of the Company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike as the Company remains focused on her strategic objective of accelerating the growth of the Company through asset base, revenue, and profitability in the years ahead.