Still maintaining its path of profitability in 2011, Sovereign Trust Insurance Plc has recorded another impressive third quarter result.

This revelation came to the fore in the recently approved third quarter result of the company by the Nigerian Stock Exchange; going by the financial statements for the third quarter which ended September 30, 2011.

The report has stated that the underwriting firm posted significant revenue increase during the period under review when compared to the corresponding period in 2010.

The Gross Premium written showed a 41 per cent growth over the amount posted in the same period of last year from N4 billion to N5.7 billion.

In the same vein, Profit Before Tax, (PBT), rose to N985 million from N795 million to record a 24 per cent increase above what was posted in the same period of 2010; while Profit After Tax (PAT), grew by 26 per cent from N700 million to N886 million.

Commenting on the company’s third quarter performance, the Chief Finance Officer of the Company, Mr Kayode Adigun, stated that the underwriting firm had consistently followed through on ensuring that the targets set for 2011 were fully accomplished.

He alluded the success recorded so far to the management’s commitment to growing the revenue base of the company on a yearly basis with a view to creating sustainable wealth for every shareholder that had invested in the company.

According to him, “Our growth agenda strategy is driven from top to bottom and every member of staff has remained committed to this aspiration. We are very hopeful that the target set for the year will be met and surpassed and we look forward to delighting our shareholders in the years ahead”.

It will be recalled that Sovereign Trust Insurance Plc recently concluded her Rights Issue which from every indication recorded significant success. With this development, the company’s shareholders’ fund is expected to witness considerable rise that will position the company for greater operational exploits in the insurance industry in Nigeria.

The Managing Director and Chief Executive of Sovereign Trust Insurance Plc, Mr Wale Onaolapo, said that the company will continue to improve on its performance by meeting and surpassing its targets and also ensuring satisfactory and exceptional returns on shareholders’ investments.

He also said that the impressive operating results of the third quarter only buttresses the fact that the company is set for the path of profitability which began in 2010, after the recovery from the recession which characterised the world’s economy in 2008.

He added that the underwriting firm would continue to work hard in line with the company’s strategic focus in becoming one of the leading insurance companies in the country.