By Tunde Brown

Results of financial activities and reports of companies listed in the insurance sub-sector of the Nigerian Stock Exchange keeps pouring in as Sovereign Trust Plc, released its third quarter un-audited results. Contrary to some other results in released recently, Sovereign Trust Insurance Plc recorded a remarkable performance compared to the commensurate period last year.

In a statement by the board of directors to the Nigerian Stock Exchange and the shareholders dated 4th December 2007, the company disclosed a significant increase of 70 percent and 84 percent over the same period of the last financial year in gross premium and profit before tax respectively. Profit after tax also increased considerably by 89 percent, growing from N175.973 million in September 2006 to N333.102 million in September 2007.

The board further added that baring any unforeseen circumstances, the trend would be maintained in the remaining period of the financial year. On the floor of the Nigerian Stock Exchange yesterday, investors staked a total of N48,495,650.65 for 11,075,326 units of Sovereign Trust Insurance shares in 92 deals, as its price closed at N4.16k.

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