By Henry Uche
Sovereign Trust Insurance said it recorded Gross Premium Written (GPW) of N12.7billion over N11.1billion recorded in 2020, representing a 14.4 per cent increase, while the Net Premium Income (NPI) equally grew by 11.2 per cent from the sum of N6.5billion in 2020 to N7.2billion in 2021.
A statement from its Deputy General Manager -Corporate Communications & Investor Relations, Segun Bankole, confirmed that the Company also achieved Profit After Tax (PAT) of N974million as against N687million recorded in year 2020 representing an increase of 42 per cent.
According to him, the PAT equally increased from N796million in 2020 to N885million in the year 2021 representing an 11 per cent growth rate. Similarly, Earnings Per Share improved by 42 per cent from 8kobo in year 2020 to 11.34kobo in 2021.
Bankole revealed that the Underwriter’s size and quality of the balance sheet equally improved significantly as total assets of the Company increased from N14.8billion to N16.3billion representing 11 per cent growth while shareholders’ Fund increased by 11 per cent also from N8.6billion in 2020 to N9.6billion in 2021.
“We recorded a modest financial performance in the year under review as negative Retained Earnings also improved by 72 per cent from N829million in 2020 to N236million in 2021. We reaffirm our commitment and capacity to honour all genuine claims as and when due. In 2021, we settled claims totaling N3.7billion to various policyholders spread across the country,” he maintained.
Commenting on the performance, its Managing Director / Chief Executive Officer of the company, Mr. Olaotan Soyinka, attributed the increase to the commitment shown by every member of staff who he described as “The Drivers of the organisation” coupled with the fact, that the company’s Management was also dedicated to ensuring that the company takes its place of pride in the industry.
According to him, “it is a statement of fact that we want to be a leading brand in the Insurance Industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure among others.
“Our 2021 performance was not fortuitous, we worked hard towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing serious premium on corporate governance, ethics and ensuring superior investment returns in the days ahead.
“The company, no doubt showed great resilience amidst the various challenges that characterized the operating environment in year 2021, noting that there was every reason to be appreciative to all the shareholders and customers of the Organization who had shown great level of commitment and patronage to the Company since inception 27 years ago.”