Sovereign Trust gross premium rises to N7bn

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By Rosemary Onuoha

SOVEREIGN Trust Insurance Plc said that its gross written premium grew to N7.3 billion in the third quarter (Q3)  of 2017 from N4.9 billion in the corresponding period of 2016.

In a statement, the company said that the figure represents an increase of 50.4 percent for the period under review.

Net premium income grew from N4.3 billion in 2016 to N7.2 billion in 2017 amounting to a growth rate of 65 percent.

Underwriting profit rose from N1.1 billion to N1.3 billion representing a growth rate of 16.7 percent while investment income grew by 63 percent from N235 million in 2016 to N383 million in 2017.

Profit before tax  grew by 334 percent from N165 million to N716 million while profit after tax grew from N147 million in 2016 to N667 million in 2017 representing  352 percent increase.

The company said that the third quarter performance shows that it is on course with meeting the aspirations of her various shareholders in the days ahead.

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