Sovereign Trust Insurance records 43% PAT rise in Q1

Sovereign Trust Insurance PLC in its audited financial statement made available to Nigerian NewsDirect reported an improved year on year growth in its profit after tax (PAT) by 43 per cent in the first quarter of 2021 to close at N392 million from the N274 million reported for the same period last year.

Similarly, the insurer grew proft before tax (PBT) by 66 per cent from N306 million in the first quarter of 2020 to N510 million in the corresponding period of 2021, whist also recording a signifcant increase in gross premium written from N3.6 billion in the first quarter of 2020 to N5.3 billion representing an increase of N1.7 billion and a growth rate of 46 per cent in the period.

The net premium income grew from N1.6 billion in the first quarter of 2020 to N1.9 billion in the same period of 2021, amounting to a growth rate of 18 percent.

Similarly, there was a slight increase in the claims payout in the first quarter of 2021 at N1.2 billion compared to the sum of N1 billion that was paid as claims in the corresponding period of 2020, representing a 17 per cent increase in claims payout.

Net claims expense in the first quarter of 2021 grew by 8 per cent to N965 million compared to the net claims expense of N896 million in the first quarter of 2020.