Sovereign Trust Insurance posts 37% profit increase

Sovereign Trust Insurance Plc has reported an increase of 37 percent in its profit after tax for the 2020 financial year, compared to the previous year.

The company said its after-tax profit rose to N687.69 million last year from N503.38 million in 2019.

Its profit before tax, however, declined by three percent to N796.11 million from N819.01 million, according to its financial statements released on Tuesday.

The insurance company increased its gross premium written to N11.12 billion in 2020 from N10.88 billion a year earlier.