Underwriter settles N946m claims Q1 2022

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By Henry Uche

Sovereign Trust Insurance has reported from its unaudited account of Q1 2022, a total of its Gross Premium Written which amounted to N7.35billion against N5.37billion it made in the first quarter of 2021, giving a 37per cent growth rate over the performance of 2021.

A statement delivered by the deputy General Manager Corporate Communications /Investor Relations, Segun Bankole, its Profit Before Tax (PBT) grew by 19 percent in the same period under review to the sum of N609million as against the sum of N510m in the same corresponding period of 2021, while Profit After Tax rose from N392million in Q1 of 2021 to N489m in Q1 of 2022, with a growth rate of 25 per cent.

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Total Equity also grew by 12 percent from N9billion in the first quarter of 2021 to N10.1bn in the same corresponding period of 2022.

“Interestingly, as a result of the Company’s improved claims administration and processes backed by top-notch technology, the claims payout in the first quarter of 2022 stood at N946million as against the figure of N1.26billion paid on claims in the same corresponding period of 2021.

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“Net Claims Expense reduced by 16percent from N965million in the first quarter of 2021 to N808million in the first quarter of 2022. Earnings per Share grew from 3.45kobo in Q1 of 2021 to 4.3kobo in the same corresponding 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,”

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Bankole revealed that the year was greeted with mixed feelings amidst the dwindling economic landscape in the country which created lots of palpitations and an unsure business environment for many corporate organisations and business concerns, howbeit the underwriter stood firm.

He noted that notwithstanding the harsh operating environment that beclouded the operations of the insurance sector and other corporate organisations in the first quarter of the year especially now that 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, adding, “The future indeed, looks very promising.”

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