Sovereign Trust Insurance Plc has published its financial results for the third quarter ended September 30, 2021. In the 3rd quarter of 2021, Insurance and Risk Management Services Company in Nigeria posted double-digit growth.

Nigeria's Sovereign Trust Insurance recorded double-digit growth in its main financial indicators in the first 9 months of the year. Gross written premium increased by 17% from 8.4 billion naira (20.5 million USD) in 2020 to 9.8 billion naira (24 million USD) in the third quarter of this year. Regarding net premium income, it increased by 34% to 4.3 billion naira (10 million USD) against 3.2 billion naira (8 million USD) recorded during the corresponding period in 2020.

The company's net income climbed 13% to 606 million naira (1.4 million USD) from 537 million naira (1.3 million USD) recorded in 2020. For its part, total assets increased by 11% to 14 billion naira (34 million USD), compared to 12.6 billion naira (31 million USD) during the same period last year. As for the total equity, it increased by 12% to reach 9.2 billion naira (22 million USD) against 8.2 billion naira (20 million USD) in 2020.