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Published 7 June 2021
Sovereign Trust Insurance Plc said its total gross premium written grew to N5.3bn in the first quarter of 2021 from N3.6bn in the corresponding period of 2020.
The underwriter said this on Sunday in a statement, titled ‘Sovereign Trust Insurance Plc records 66 per cent profit before tax, in first quarter of 2021’.
It said its net premium income rose by 18 per cent from N1.6bn in the first quarter of 2020 to N1.9bn in the same period of 2021.
According to the statement, 66 per cent increase was recorded in the profit before tax of the company from N306m in Q1 2020 to N510m in the corresponding period of 2021, while profit after tax grew by 43 per cent from N274m to N392m.
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By Goddy Egene
The Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose 0.2 per cent to close higher at 38,548.24 as the market extended its recovery for the second day.
The appreciation was supported by gains recorded by MTN Nigeria Plc, FCMB Group Plc and Lafarge Africa Plc. Market capitalisation added N34.3 billion to close at N20.1 trillion. Similarly, the volume and value of trading improved 59.1 per cent and 41.2 per cent to 249.7 million shares and N1.9 billion respectively.
The most traded stocks by volume were Sovereign Trust Insurance Plc (35.5 million shares), FCMB Group Plc (22.7 million shares), and AXA Mansard Insurance Plc (16.9 million shares) while Stanbic IBTC Holdings Plc (N182.9 million), Lafarge Africa Plc (N100.3 million), and MTN Nigeria Plc(N99.2 million) led by value.
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Published 25 May 2021
The Nigerian stock market extended its decline on Monday as 17 companies saw their share prices decline at the end of trading.
Investors in the market lost N600bn last week as the market capitalisation of equities fell below the N20tn mark.
The Nigerian Exchange Limited All-Share Index and market capitalisation declined by 2.93 per cent to close on Friday at 38,324.07 basis points and N19.98tn respectively.
The ASI fell further by 0.10 per cent on Monday to 38,287.58 basis points while the market capitalisation dropped to N19.96tn.
A total of N141.15 million shares valued at N1.09bn were traded by investors in 3,566 deals on Monday.
By Rukayat Adeyemi
Lagos, May 17, 2021 Sovereign Trust Insurance Plc has announced a Profit Before Tax (PBT) of N510 million for the first quarter of 2021.
A statement made available by the insurer on Tuesday in Lagos indicates that the figure represents 66 per cent improvement over N306 million recorded in Q1 2020.
The Insurance company said that its Profit After Tax (PAT) grew by 43 per cent from N274 million in the first quarter of 2020 to N392 million in the first quarter of 2021.
It said that its total gross premium written grew from N3.6 billion in the first quarter of 2020 to N5.3 billion, which is an increase of N1.7 bIllion and a growth rate of 46 per cent in the current financial year.