Prime Business AfricaBetween January and June 2025, Sovereign Trust Insurance recorded N34.07 billion turnover, up by 45 percent compared to the N23.56 billion generated in the first half (H1) of 2024.
Sovereign Trust Insurance announced the growth in revenue in its unaudited consolidated financial statements for the period ended June 30, 2025.
Join our WhatsApp ChannelAccording to the earnings report, Sovereign Trust closed the period under review with N11,85 billion service expenses, compared to the N5,08 billion expenses recorded in H1 2024, indicating an increase of 133 percent.
Also, net expenses from reinsurance contract held increased by 20 percent year-on-year, from N16.27 billion to N19.54 billion.
Similarly, Sovereign Trust’s insurance service result ended the first half of 2025 at N2,67 billion, surpassing the N2,20 billion posted in the corresponding period in 2024, representing a 21 percent growth.
In the same vein, the insurer saw a growth of 130 percent in investment returns, which grew from N446.46 million in H1 2024 to N1.02 billion during the same period this year.
However, the company’s net finance result decreased by 53 percent to N33.13 million in H1 2025, falling below the N69.78 million filed in the first half of 2024.
Nonetheless, Sovereign Trust recorded a 36 percent growth in profit before tax (PBT), which increased from N1.10 billion in H1 2024 to N1.50 billion in H1 2025.
In addition, the insurer reported a 13.23 percent decline in income tax, as it posted N144.17 million at the end of the period under review, compared to the N166.16 million reported in H1 last year.
This left Sovereign Trust with N1.35 billion profit before tax (PBT) in the first half of this year, exceeding the N941.62 million reported in H1 2024, representing an increase of 44 percent.
Also, the company reported that its total liabilities increased by 20 percent year-on-year, from N10,10 billion to N12,07 billion, while total assets grew by 14 percent during the same period, from N24.47 billion to N27.79 billion.
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