Sovereign Trust Insurance boosts Q1 profit by 42.82%

Sovereign Trust Insurance Plc has continued to show consistent rise in its profitability as it posted another significant first quarter result for 2021.

The Underwriting firm reported the Gross Premium Written of N5.376 billion, up by 45.60% from N3.692 billion.

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

Earnings per share (EPS) of the firm increased to 3.45 kobo from the EPS of 2.4 kobo in Q1 2020.

At the share price of 26 kobo, the P.E ratio of Sovereign Trust Insurance stands at 7.54x with earnings yield of 13.27%.

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