The Sovereign Trust Insurance (STI) has recorded a leap of 37 per cent in its profit after tax of N687 million as against N503million recorded in year 2019.
It recorded the feat despite the challenging operating environment that characterised operations of most businesses in the country in 2020 which was largely attributed to the effects of the Covid-19 pandemic and the seeming lull in the insurance sector in the year.
The managing director and chief executive officer of the underwriting firm, Mr. Olaotan Soyinka, said the development was an encouraging one considering the level of work that was put in place in 2020.
The company’s gross premium written in 2020 stood at N11.1billion compared to the N10.8billion written in 2019, representing a marginal increase of 2%.
“Another interesting highlight of the 2020 accounts which could be described as heart-warming is the rise in the company’s total assets from N13.4billion to N14.8billion in 2020 representing 11% per cent increase.
“As the company grew its balance sheet in 2020, so did it also increase its claims payout. In 2020, a total of N3.48billion was paid as claims against N2.2billion 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% from N5.9billion to N6.5billion in 2020,” he pointed out.