Sovereign Trust Insurance Plc (STI) has reported Profit Before Tax PBT, of N510 million in first quarter of 2021.

The figure represented 66 per cent improvement over N306 million recorded in Q1 2020.

The company’ in a statement reported that its Profit After Tax, PAT, grew by 43 per cent from N274 million in the first quarter of 2020 to N392 million in the first quarter of 2021.

The total Gross premium written grew from N3.6 billion in the first quarter of 2020 to N5.3 billion which is an increase of N1.7 bIllion and a growth rate of 46 per cent in the current financial year.

Its  net premium income grew from N1.6billion in the first quarter of 2020 to N1.9 billion in the same period of 2021 amounting to a growth rate of 18 per cent.

The company also grew it’s business portfolio just as it recorded a slight increase in the claims payout in the first quarter of 2021, with s total sum payment of N1.2 bIllion compared to N1billion paid in the corresponding period of 2020.

The figure represents a 17 per cent increase in claims payout.

In addition, net claims expense in the first quarter of 2021 grew by 8 per cent to N965million, compared to the net claims expense of N896 million in the first quarter of 2020.