New Telegraph Sovereign Trust Insurance Plc has recorded a 46 per cent growth in profit after tax for the financial year ended December 2019. Filing to the Nigerian Stock Exchange (NSE) showed the audited report for the year grew to N503.382 million from N344.236 million recorded in 2018, representing a growth of 46 per cent.
Profit before tax stood at N819.011million for the financial year as against N540.554 million recorded in 2018, a 52 per cent growth. Gross premium written grew marginally by 3 per cent to N10.879 billion from N10.513 billion in 2018. The company’s Managing Director/ Chief Executive Officer, Olaotan Soyinka, said the management had set a growth agenda, which is aimed at positioning the underwriting firm as one of the top five in the insurance industry in Nigeria.
“In achieving this aspiration, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our Shareholders to fully exercise their rights by subscribing fully to the Rights Issue and ultimately grow their investments in the company,” he said. He said that Sovereign Trust was working assiduously towards being one of the most preferred insurance companies in the country for people to do business with, invest in as well as be the choice employer of labour.
