Sovereign Trust Insurance Plc (STI) has posted a Gross Premium Income (GPI) of N4.76 billion for the year ended 31st of December, 2010.

The figure represents a seven per cent increase over a sum of N4.44 billion recorded in the previous year 2009. Briefing shareholders on the performance of the company for the year review, Chairman of the company, Mr. Ephraim Faloughi, stated that at the back of the several strategic measures adopted by STI to withstand the challenges of the operating environment, the company has bounced back to profitability.

Analysis of the company’s’ result shows that profit before tax rose by 3052 per cent from N13.19 million recorded in 2009 to N415 million in 2010. In the same vein, profit after tax rose by 7257 per cent to N308 million from N4.19 in 2009. Shareholders fund increased by nine per cent from N3.44 billion recorded in 2009 to N3.75 billion in 2010.

Faloughi said, “With this result, the resilience of our brand has once again been brought to the fore, with proven capability to bounce back to profitability from a weak position in the year 2009. We are committed on our profitability going forward and will continue to ensure that we deliver superior bottom line.”