Sovereign Trust Insurance Plc said its total gross premium written grew to N5.3bn in the first quarter of 2021 from N3.6bn in the corresponding period of 2020.
The underwriter said this on Sunday in a statement, titled ‘Sovereign Trust Insurance Plc records 66 per cent profit before tax, in first quarter of 2021’.
It said its net premium income rose by 18 per cent from N1.6bn in the first quarter of 2020 to N1.9bn in the same period of 2021.
According to the statement, 66 per cent increase was recorded in the profit before tax of the company from N306m in Q1 2020 to N510m in the corresponding period of 2021, while profit after tax grew by 43 per cent from N274m to N392m.
The underwriting firm said its claims payout increased by 17 per cent to N1.2bn in Q1 2021 from N1bn in the corresponding period of 2020.
It said this underscored the company’s commitment to settling genuine claims as and when due.
The underwriter’s net claims expense in Q1 2021 grew by eight per cent to N965m from N896m in Q1 2020.
Its total equity grew by 12 per cent to N9bn in Q1 2021 from N8bn in the corresponding period of 2020, while the total assets also increased from N13.4bn to N14bn, with a marginal growth rate of five per cent.