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
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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.
Sovereign Trust Insurance Plc is a non-life insurance group organized around 6 areas of activity:
- energy insurance (35.9% of gross written premiums);
- motor insurance (18.9%);
- fire and property insurances (15.2%);
- contractors' all risks and engineering insurances (13.7%);
- marine and aviation insurances (8.6%);
- accident insurance (7.7%).
All gross written premiums are in Nigeria.