Sovereign Trust: Net premium peaks at N2.8bn H1 2017
. As gross premium peaks at 6.1bn in 2017 H1
Sovereign Trust Insurance Plc has grown its net premium and other key performance measuring indices in the first half of 2017.
According to the result, released recently by the capital market regulator, net premium income rose to N2.8billion in the same period of 2017, from N2.3b in the corresponding period of 2016, reflecting 22 per cent growth.
The underwriting profit rose from N1.11bn to N1.4bn representing a growth rate of 2.7%, while investment income also grew by 73% from N140m in 2016 to N243m in 2017 Q2.
Sovereign Trust Insurance Plc, total Gross premium written grew from N3.7bn in the second quarter of 2016, to N6.1bn representing an increase of N2.4bn; and a growth rate of 64 per cent in the current financial year.
According to the result, the profit before tax had a growth rate of 57.5%, having increased from N400m in 2016 to N630m in 2017, while profit after tax also grew from N373m in 2016 to N588m in 2017, representing a growth rate of 57.6%.
Management expenses in the second quarter of 2017, dropped to N713m, as against N762m in the same period of 2016, representing a 6.4% reduction rate. Indeed, the Management Team said is committed to reducing cost of operations.
Bonny Amadi
