Sovereign Trust Insurance Plc has posted a 55 per cent growth in gross premium during the second quarter ended June 30, 2011.
The operating results for the second quarter which was released on the floor of the Nigerian Stock Exchange last week showed an upward movement compared to the corresponding period in 2010.
The Gross Premium written in the period under review showed a 55 per cent increase from what was recorded in the corresponding period of 2010 from N2.9 billion to N4.4 billion, while profit before tax stood at N900 million as against N670 million that was recorded in the same period of 2010, representing a 34.3 per cent increase and profit after tax peaked at N810 million in 2011 from N603 million recorded in 2010 with an increase of 34.3 per cent.
The Deputy General Manager/Divisional Head, Finance & Investments of Sovereign Trust Insurance Plc, Mr. Kayode Adigun, speaking on the result said that the operating result for the second quarter of the year was encouraging, considering the fact that the company put up a very good performance also in the first quarter of the year.
According to him: “It is a feat worth applauding when we consider the economic realities on ground that management had to contend with in getting to where we are today. We are not in any way going to relent in our efforts at posting very significant and positive results all through the year in 2011 and in the years ahead.”
The managing director, Mr. Wale Onaolapo, had said that the new wave of performance in the company should not be undermined in any way.
He said the company was focused on taking a place of pride amongst the comity of insurance companies in the country.
“We will continue to give it all our best, bettering our performance from time to time, just as we will continually look up to the patronage of our teeming customers across the country both corporate and individuals.”
He noted that the Rights Issue of the company was still ongoing.
The company is offering 1, 734, 585,755 ordinary shares of 50 kobo each at 50 kobo per share on the basis of one (1) new ordinary share for every three (3) ordinary shares of 50 kobo each held as at the close of register on May 9, 2011.
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