SOVEREIGN TRUST INSU

SOVRENINS
End-of-day quote Nigerian Stock Exchange - 06:00 2022-12-08 pm EST
0.2800 NGN  0.00%

SOVEREIGN TRUST INSURANCE : EARNINGS FORECAST

07/25/2022 | 04:38pm

SOVEREIGN TRUST INSURANCE PLC

THIRD QUARTER FORECAST ENDING 30TH SEPTEMBER 2022 PROFIT FORECAST

PREMIUM INCOME

N'000

CLASS OF BUSINESS

TOTAL

MOTOR

450,888

FIRE

383,774

MARINE

187,880

GENERAL ACCIDENT

210,895

CAR/ENGINEERING

304,063

ENERGY BUSINESS

667,500

GROSS PREMIUM WRITTEN

2,205,000

PROVISION FOR UNEXPIRED RISK

(112,055)

REINSURANCE EXPENSES

(922,049)

NET PREMIUM EARNED

1,170,896

COMMISSION INCOME

183,880

NET UNDERWRITING INCOME

1,354,776

CLAIMS PAID

(441,000)

CLAIMS RESERVE

(70,814)

CHANGE IN IBNR

(37,278)

REINSURANCE CLAIMS RECOVERED

63,469

NET CLAIMS INCURRED

869,154

-

ACQUISITION EXPENSES

(332,253)

UNDERWRITING EXPENSES

(92,745)

TOTAL UNDERWRITING EXPENSES

(424,998)

-

UNDERWRITING PROFIT

444,156

-

INVESTMENT INCOME

96,269

MANAGEMENT EXPENSES

(347,545)

PROFIT BEFORE TAX

192,880

INCOME TAX

(15,103)

PROFIT AFTER TAX

177,776

Disclaimer

Sovereign Trust Insurance plc published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 20:37:12 UTC.

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