Sovereign Trust Insurance reports N392m profit in Q1 2021

Adebayo Obajemu

Sovereign Trust Insurance in the first quarter of 2021 achieved growth in its topline and bottom line figures, compared to the figures recorded in Q1 2020.

The underwriting firm reported the Gross Premium Written of N5.376 billion, up by 45.6% from N3.69 billion reported in Q1 2020.

Profit after tax increased by 42.82% in Q1 to N392.106 million from N274.536 million reported in Q1 2020.

Earnings per share for the period under review is 3 kobo from the Eps of 2 kobo of Q1 2020.

At the share price of 23 kobo, the P.E ratio of Sovereign Trust Insurance stands at 6.67x with earnings yield of 15%.