By Bisi Bamishe
Sovereign Trust Insurance (STI) Plc has recorded a significant milestone in its financial performance, posting an impressive 296% increase in profit after tax to ₦1.015 billion for the nine months ended 30 September 2026, up from ₦256.4 million reported in the corresponding period of 2025.
According to the unaudited financial statements released by the underwriting firm, profit before tax also mirrored this upward trajectory, surging by 296 per cent to ₦1.194 billion compared to ₦301.7 million in the previous year. Industry watchers note that the stellar performance underscores the company’s ongoing strategy to build a resilient, competitive, and growth-oriented insurance institution, backed by stronger core insurance service performance, optimized investment returns, and a strengthened balance sheet.
A striking feature of the Q3 results is the steady improvement in the company’s core insurance service result, which grew by 9% to ₦1.853 billion despite a moderation in reported insurance revenue to ₦32.314 billion down from ₦40.134 billion in 2025.
This reflects disciplined management of insurance-related costs and optimized risk profiling, as insurance service expenses dropped to ₦14.349 billion from ₦18.307 billion, while net expenses from reinsurance contracts held decreased to ₦16.112 billion from ₦20.119 billion.
Simultaneously, the insurer’s investment returns provided a strong buffer by rising 26% to ₦1.731 billion. Backed by share capital issuance proceeds of ₦5.022 billion during the period, total equity rose by 50 per cent to ₦21.526 billion while total assets expanded by 69% to close higher at ₦41.272 billion, with cash and cash equivalents standing robustly at ₦15.934 billion compared to ₦5.063 billion in 2025.
Sovereign Trust Insurance continues to maintain a formidable market presence across a wide spectrum of non-life insurance portfolios. Energy led the revenue contribution pool at ₦10.659 billion, followed by Motor at ₦6.406 billion, Fire & Property at ₦5.174 billion, and Marine at ₦3.205 billion, with other active risk categories including General Accident, Contractors’ All Risks & Engineering, Bond, and Aviation.
Commenting on the stellar outing, the Head of Corporate Communications & Corporate Planning, Mensah Simon, emphasised that the robust financials reinforce the company’s commitment to being a dependable risk partner for individuals, corporate bodies and institutions.
He noted that for brokers, agents and business partners, their diversified product capabilities and extensive branch footprint provide ample opportunities to deepen relationships and deliver tailored risk-protection solutions, while demonstrating positive financial momentum for shareholders and the investment community.
The company remains firmly focused on sustaining prudent risk management, boosting underwriting capacities, and driving long-term value creation for all stakeholders.
