WorldStage Newsonline– Sovereign Trust Insurance Plc unaudited financial statements for the period ended March 31, 2022 with 25% rise in profit after income tax to N489.118 million from N392.106 million in Q1 2021.
Gross Premium written also rose by 37% to N7.356 billion from N5.376 billion in Q1 2021 while total assets rose 12% to N15.681 billion from N14.057 billion in Q1 2021.
The company was incorporated as a limited liability company on February 26, 1980, but was reorganized and commenced business as a reorganized non-life insurance company on 2nd January 1995 with an authorized share capital of N30 million and a fully paid up capital of the N20 million following the acquisition and recapitalization of the then Grand Union Assurances Limited.
The principal activity of the Company continues to be the provision of all classes of non-life insurance and special risk insurance, settlement of claims and Insurance of Policy Holders’ Fund.
