Sovereign Trust Insurance Plc has revealed that it recorded a sum of N948 million claims payout in the first quarter of the year.
While it ascribed this to improved claims administration of the company and its application of top-notch technology, the figure stood against N1.26 billion it paid its policy holders in the comparative period of 2021.
This is according to the unaudited financial report for the quarter the insurer just filed to the Nigeria Exchange Limited (NGX).
It further stated that while the Net Claims Expense reduced by 16% from N965 million in the first quarter of 2021 to N808 million in the first quarter of 2022.
The total Gross Premium written in Q1 2022 amounted to N7.35 billion against N5.37 billion in 2021, representing a 37% growth rate over the performance of Q1 2021.
Similarly, its profit before Tox grew by 197% in the three-month period of 2022 to the sum of N609 million as against the sum of N510 million in the corresponding period of 2021.
Consequently, the Profit After Tax (PAT) for the period rose from N392 million in the first quarter of 2021 to N489 million in Q1 of 2022, with a 25% growth.
Meanwhile, the Total Equity also grew by 12% from N9 billion in the first quarter of 2021 to N10.1 billion in the same corresponding period of 2022.
Earnings per Share grew from 3.45kobo in Q’1 of 2021 to 4.3kobo in the comparative period of 2022. The Net Assets per Share also grew from 79.4kobo in the first quarter of 2021 to 88.9kobo in Q1 of 2022.
What the Company is Saying:
No doubt, the year 2022 has commenced on o remarkable note for Sovereign Trust Insurance Plc going by the first quarter unaudited account recently released by the underwriting compony.
The start of the year was greeted with a lot of mixed feelings amidst the dwindling economic landscape in the country which has created a lot of palpitations and on unsure business environment for many corporate organizations and business concerns.
However, for Sovereign Trust Insurance Plc, things are actually looking up considering the Company’s first quarter performance in 2022 when compared to the same corresponding period in 2021.
A careful examination of the unaudited financial Statements of the organization attests thot the season is indeed looking bountiful for the over two and half decodes’ insurance company.
Notwithstanding the harsh operating environment that beclouded the operations of so many insurance companies and other corporate organizations in the first quarter of the year especially of a period when the country is preparing for another general election come 2023, Sovereign Trust Insurance Plc has been able to record meaningful appreciation in all its financial indices going by its first quarter unaudited financial statements. The future indeed, looks very promising.