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Old 24th September 2012, 03:07 AM
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Default Re: Sovereign Trust Insurance Plc

Quote:
Originally Posted by cashrules View Post
Wow!!! They actually met their forecast!!!!

SOVEREIGN TRUST INS. PLC
April 27th 2012

Audited Results (Dec, 2011)
Statement of Comprehensive Income
Gross Premium 31-12-11 N6.407b 31-12-10 N4.761b
Reinsurance Cost 11 (N1.941b) 10 (N938.945m)
Commission Received 11 N281.164m 10 N102.220m
Other Acquisition & Maintenance Costs 11 (N1.301b) 10 (N1.064b)
Investment & Other Income 11 N439.513m 10 N126.098m
Expense and Bad debt 11 (N1.756b) 10 (N1.506b)
Profit before Tax 11 N798.106m 10 N415.867m
Taxation 11 (N93.992m) 10 (N107.103m)
Profit after Tax 11 N704.114m 10 N308.764m

Statement of Financial Position
Fixed Assets 31-12-11 N583.310m 31-12-10 N517.123m
Long Term Investments 11 N512.159m 10 N585.120m
Short term Investment 11 N1.771b 10 N706.605m
Premium Debtors 11 N1.998b 10 N1.578b
Cash and Bank Balances 11 N259.284m 10 N200.457m
Other Debit Balances 11 N2.185b 10 N2.066b
Insurance Funds 11 N236.019m 10 N184.492m
Short term Borrowings 11 N24.925m 10 N23.522m
Other Credit Balances 11 N1.215b 10 N1.161b
Working Capital 11 Nil 10 Nil
Net Assets 11 N5.130b 10 N3.748b

Corporate Actions
Proposed Dividend 4kobo
Proposed Bonus
Qualification Date Nil
Nil
Closure Date Nil
AGM Date Nil
Payment Date Nil
AGM Venue Nil

Notes
I hope these "premium" debtors won't turn into "premium" bad debt
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