Sovereign Trust's Q3 premium rises by 41%

Sovereign Trust Insurance Plc has said that its gross premium in the third quarter of 2011 financial year grew by 41 per cent to N5.7bn from N4bn last year.In a statement on Friday, the company said that its profit before tax rose by 24 per cent in the period under review to N985m from N795m last year, while profit after tax grew by 26 per cent from N700m in 2009 to N886m this year.The Managing Director and Chief Executive, STI, Mr. Wale Onaolapo, said that the company would continue to improve on its performance by meeting and surpassing its targets and also ensuring satisfactory and exceptional returns on shareholders investments.He said that the impressive operating results of the third quarter buttressed the fact that the company was on the path of profitability.Onaolapo added that STI would continue to work hard in line with the companys strategic focus of becoming one of the leading insurance companies in the country.Also, the companys Chief Finance Officer, Mr. Kayode Adigun, stated that the underwriting firm was focused on ensuring that it achieved the targets set for 2011.He attributed its success to commitment of the management at growing the revenue base of the company on a yearly basis with a view to creating sustainable wealth for every shareholder that had invested in the company.He said, "Our growth agenda strategy is driven from top to bottom and every member of staff has remained committed to this aspiration, we are very hopeful that the target set for the year will be met and surpassed and we look forward to delighting our shareholders in the years ahead."According to the statement, STI recently concluded its rights issue which recorded significant success. With this development, the companys shareholders funds, it stated, was expected to witness considerable rise that would position it for greater operational exploits in the insurance industry. Delete ReplyReply ForwardSpamMovePrint Actions NextPrevious.
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