Sovereign Trust Insurance Plc has announced a gross premium written of N5.2 billion during the first quarter of 2018.
The breakdown of the company’s performance during the period was contained in a statement by the company to journalists in Lagos, that the performance was a continuation of its impressive performance recorded at the year-end in 2017.
“Riding on the heels of the impressive performance recorded at the year-end in 2017 with a Gross Premium Written of N8.5 billion as against the N6.3 billion written in 2016. Sovereign Trust Insurance Plc has started the 2018 Financial Year on a very good note with a Gross Written Premium of N5.2 billion as against the N4.1 billion that was written in the same period in 2017, representing an increase in growth rate of 25.7%.,” it stated.
The Gross Premium Income also grew by 30% from N3.8 billion that was generated in the first quarter of 2017 to N4.9 billion in the first quarter of 2018.
Another positive highlight of the 2018 first quarter performance of the underwriting firm is in its underwriting profit which increased by N182 million from N746 million in the first quarter of 2017 to N928 million in the same corresponding period giving a growth rate of 24.5%.
The profit before tax hit a 28% increase as it grew from N488 million in the first quarter of 2017 to N625 million in the same period of 2018 while profit after tax also leapt from N437 million in Q1 2017 to N560 million in the first quarter of 2018, representing a growth rate of 28% as well.