SOVEREIGN TRUST INSURANCE PLC

PROFIT FORECAST FOR THE FIRST QUARTER 2024

PREMIUM INCOME

N'000

CLASS OF BUSINESS

MOTOR

2,589,833

FIRE

1,973,206

MARINE

1,374,797

GENERAL ACCIDENT

1,603,230

CAR/ENGINEERING

2,589,833

ENERGY BUSINESS

2,048,765

GROSS PREMIUM WRITTEN

12,179,664

PROVISION FOR UNEXPIRED RISK

(296,100)

REINSURANCE EXPENSES

(4,721,272)

NET PREMIUM EARNED

7,162,292

COMMISSION INCOME

86,436

NET UNDERWRITING INCOME

7,248,728

CLAIMS EXPENSES

(2,469,600)

CHANGE IN IBNR

(195,136)

REINSURANCE CLAIMS RECOVERED

119,864

NET CLAIMS INCURRED

(2,349,736)

ACQUISITION EXPENSES

(2,048,530)

UNDERWRITING EXPENSES

(518,757)

TOTAL UNDERWRITING EXPENSES

(2,567,287)

UNDERWRITING PROFIT

2,331,706

INVESTMENT INCOME

340,562

INCOME TAXES

(162,162)

FINANCE COST

(107,714)

MANAGEMENT EXPENSES

(1,603,825)

PROFIT BEFORE TAX

798,566

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Disclaimer

Sovereign Trust Insurance plc published this content on 29 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2023 13:03:40 UTC.