Sovereign Trust Insurance Plc projects profit before tax of N1.27 billion in Q4 2021.

Sovereign Trust Insurance Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021).

  • Gross premium written was projected at N12.6 billion.
  • Net claims incurred was projected at N2.75 billion
  • Total underwriting expenses projection of N2.03 billion.
  • Underwriting profit was projected at N2.69 billion
  • Management expenses was projected at N2 billion
  • Profit before tax was projected at N1.27 billion.

See link to forecasts.

Sovereign Trust Insurance records a 43% surge in profit after tax to N392.1 million in Q1 2021.

Sovereign Trust Insurance Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net premium written for the period was N1.9 billion. (+18% YoY)
  • Total claims paid during the period was N1.27 billion (+17% YoY)
  • Underwriting profit of N851 million. (+53% YoY)
  • Profit after tax was N392.11 million. (+43% YoY)
  • Earnings per share of 3.45 kobo Vs 3.3 kobo YoY.
  • Net assets per share of 79 kobo.

See link to results.

Sovereign Trust Insurance Plc notifies stakeholders of 26th Annual General Meeting.

The Board of Sovereign Trust Insurance Plc has notified relevant stakeholders of its imminent Annual General Meeting (AGM) scheduled to hold on the 27th of May, 2021.

According to a notification signed by the company’s secretary, Yetunde Martins, the 26th AGM is expected to hold at The Bay Lounge Hall, Lekki Phase 1, Lagos by 11:00 am. Sequel to this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To deliberate on and approve the proposed Directors’ fees for FY 2021 pegged at N3.8 million.
  • Managers and Auditors remuneration in FY 2021 will be discussed and fixed.
  • To elect shareholders’ representatives of the statutory audit committee.

What you should know:

  • Sovereign Trust Insurance Plc had earlier reported a profit after tax of N687.7 million in FY 2020.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of six (6) representatives authorized to represent shareholders, have been made available.
  • The Annual General Meeting will be streamed live from the company’s website:

For more information about the AGM, click HERE.

2020 FY Results: Sovereign Trust Insurance Plc records a 37% increase in profit after tax.

Sovereign Trust Insurance Plc released its audited full-year results for the period ended 31st December, 2020.

  • Net premium income for the year was N6.54 billion (+10%YoY)
  • Net claims expenses totalled N3.49 billion. (+58% YoY)
  • Underwriting profit of N1.99 billion. (-4% YoY)
  • Profit after tax was N687.7 million. (+37% YoY)
  • Earnings per share of 8kobo vs 6kobo YoY.
  • No dividend was announced

See link to results.