By Nse Anthony-Uko
(Sundiata Finance) — Sovereign Trust Insurance Plc(STI) has posted N4.1 billion Gross Premium in its 2017 first quarter result which represents a 78 per cent growth from N2.3 billion it recorded in the first quarter of 2016.
In the same vein, the net premium income grew from N1.1billion in 2016 to N1.6billion in 2017, amounting to a growth rate of 48 percentage growth.
The underwriting profit rose from N571 million in 2016 to N746 million in 2017, representing a 30 per cent growth rate while Investment income also grew by 12 per cent from N121 million in 2016 to N135 million in 2017 Q1. The profit- before- tax grew considerably from N241 million in Q1 2016 to N488 million in the same Q1 in 2017 representing a growth rate of 102 per cent.
The company’s Management Expenses reduced from N402 million in Q1 2017 to N369 million in the same period in 2017. This, the company, attributed to the management team’s commitment to reducing cost of operation as much as possible with the ultimate aim of delighting its shareholders.
Notwithstanding the harsh operating environment that has beclouded the operations of some insurance companies and other corporate organisations in the first quarter of the year, especially, during the current recession, STI said it has been able to record meaningful appreciation in all its financial indices going by its first quarter 2017 unaudited financial statements.
However, STI Plc said, on a careful examination of the unaudited financial Statements, one can only say that indeed, it has been a season of impressive performance.