Sovereign Trust Insurance Plc has announced a Profit Before Tax (PBT) of N510 million for the first quarter of 2021.
A statement made available by the insurer on Tuesday in Lagos indicates that the figure represents 66 percent improvement over N306 million recorded in Q1 2020.
The Insurance company said its Profit After Tax (PAT) grew by 43 percent from N274 million in the first quarter of 2020 to N392 million in the first quarter of 2021.
It said its total gross premium written grew from N3.6 billion in the first quarter of 2020 to N5.3 billion, which is an increase of N1.7 billion and a growth rate of 46 percent in the current financial year.
The firm stated that its net premium income grew from N1.6billion in the first quarter of 2020 to N1.9 billion in the same period of 2021, amounting to a growth rate of 18 percent.
“The company also grew its business portfolio just as it recorded a slight increase in the claims payout in the first quarter of 2021, with a total sum payment of N1.2 bIllion compared to N1billion paid in the corresponding period of 2020,” it said.
According to the insurer, the figure represents a 17 percent increase in claims payout.
It said net claims expense in the first quarter of 2021 grew by eight percent to N965million, compared to the net claims expense of N896 million recorded in the first quarter of 2020.
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