Nigeria’s Sovereign Trust Insurance Plc (STI) says it recorded a Profit Before Tax (PBT) of N202 million as against N44 million in 2016, this figure represents over 351 increase. Profit After Tax (PAT), also stood at N157 million, a 569 per cent increase as against N23 million recorded in 2016.

The Insurance firm also recorded Gross Premium Written (GPW) of N8.5 billion in 2017, a 33 per cent increase over the N6.3 billion recorded in 2016.

Mr. Oluseun Ajayi, STI Chairman, made the disclosure at the firm’s Annual General Meeting (AGM) in Lagos. He noted that the companies net claims expenses for 2017was N1.3 billion, which was a 9.5 per cent improvement over the N1.44 billion recorded in 2016.

The Chairman explained that Return on Capital Employed (RoCE) recorded a positive performance of 1.87 per cent as against 0.47 per cent in the previous year and Investment income those by 41.6 per cent from N286 million in 2016 to N406 million in 2017.

Ajayi posited that the firm’s total assets rose from N9.5 billion to N10 billion representing 13.7 per cent increase.

Shareholders of the company applauded the board and management of the firm for posting good financial results, whilst urging them to do more.

Pastor Williams Adebayo, the President of Greenish Shareholdes’ Association commended the company for improving its performance in the year under review compared to that of 2016.

He said the nod to raise more capital was given to enable the company become one of the top five insurance companies through optimal performance.

He also called for extension of Tier-Based recapitalisation model newly evolved by NAICOM.