Connect with us

Economy

Sovereign Trust Insurance PLC’s GPW hits N10.5 bn

Published

on

Sovereign Trust Insurance (STI) Plc said its performance in Nigeria insurance industry has been strengthened as it pooled N10.5 billion Gross Written Premium (GPW) in the 2018 financial year.

The Chairman of the the underwriting company, Mr Oluseun Ajayi, stated this at the the company’s 24th Annual General Meeting (AGM) in Lagos on Thursday.

The Nigeria News Agency reports that the underwriting firm is planning to evolve fresh products targeting the new national minimum wage.

Ajayi said the company’s insurance premium will receive more boost as disposable income improves.

Presenting the company’s 2018 performance, Ajayi said the N10.5 billion GPW represented 23 per cent increase over the N8.5 billion recorded in 2017.

He noted that the Net Premium Income (NPI) grew by 31 per cent to N5.5 billion in 2018 from N3.85 billion achieved in 2017.

The Chairman added that the company recorded a Profit before Tax (PbT) of N540 million in 2018 against N202 million achieved in 2017.

“This represented over 167 per cent increase.

“Profit after Tax (PaT) also stood at N344 million and 118 per cent increase in 2018, compared to N158 million of 2017,” Ajayi said.

The STI chairman explained that the Return on Capital Employed also recorded a positive performance of 2.9 per cent in 2018, compared 1.87 per cent recorded in 2017.

Ajayi further said that the firm’s balance sheet improved, as its total assets rose to N11.3 billion in 2018 from N10.8 billion in 2017.

He told the shareholders that the firm has plans to scale up its capital base.

“The company is planning to issue 4.17 billion ordinary shares to its shareholders.

“However, the conclusion will be reached at the third quarter,” he said.

Contact US: editor[at]nnn.com.ng, nnnnews247[at]gmail.com

Recent Posts

February 2020
MTWTFSS
« Jan
12
3456789
10111213141516
17181920212223
242526272829

NNN News Nigeria: NNN is an online Nigeria news portal that publishes breaking news in politics, business, entertainment, sport, security, features, opinion, environment, education, technology, and the world news at large. NNN publishes only news that is factual, credible, verifiable, authoritative and investigative. NNN is a media subscriber of the News Agency of Nigeria. NNN is a unique media organization that is founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favor. Contact: editor[at]nnn.com.ng

© 2014 - 2019 NNN News Nigeria. All Rights Reserved.

editor[at]nnn.com.ng