Sovereign Trust Insurance Plc said it achieved a growth of 37 per cent in its profit after tax for the year ended December 31, 2020.
Precisely, the company said it grew its profit after tax from N503 million in 2019 to N687million in 2020.
The gross premium written in 2020 stood at N11.1 billion compared to the N10.8 billion written in 2019. This represented a marginal increase of two per cent.
Similarly, its total assets grew from N13.4 billion the previous year to N14.8 billion in 2020, representing an 11 per cent increase.
A statement from the company’ Deputy General Manager/Head Sales and Corporate Communications, Mr. Segun Bankole, said as the company grew its balance sheet in 2020, so did it also increase its claims payout.
According to him, in 2020 the company paid a total of N3.48 billion claims against the N2.2 billion that was paid in 2019.
“This in a way underscores the company’s claims’ paying ability coupled with the company’s renewed attention at delighting our customers.
“The net premium income also grew by 10 per cent from N5.9 billion to N6.5 billion in 2020,” he stated.
Describing this as a commendable performance, the company’s Managing Director, Mr. Olaotan Soyinka, said the above achievement was made in spite of the challenging operating environment that characterised operations of most businesses in the country in 2020, which was largely due to the effects of the Covid-19 pandemic and the seeming lull in the insurance sector in the year.
Olaotan, said the development was an encouraging one considering the level of work that was put in place in 2020.
He said the company’s management was committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.
“These performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading insurance companies in the country while at the same time, propel the company to a profitable height for shareholders’ delight” in the years ahead,” he added.