Sovereign Trust Insurance Plc (NGX: SOVRENINS)

Sovereign Trust Insurance Income Statement

Financials in millions NGN. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Premiums & Annuity Revenue	25,599	9,027	6,941	7,276	6,542	5,950
Total Interest & Dividend Income	1,057	698.26	300.51	316.87	448.2	405.8
Gain (Loss) on Sale of Investments	-165.37	-	38.87	219.43	112.84	-2.61
Other Revenue	886.87	886.87	883.94	779.22	1,016	940.99
Total Revenue	27,377	10,612	8,165	8,592	8,119	7,294
Revenue Growth (YoY)	109.04%	29.98%	-4.97%	5.83%	11.30%	26.08%
Policy Benefits	18,404	2,861	2,374	3,169	3,486	2,209
Policy Acquisition & Underwriting Costs	3,934	3,934	2,731	2,411	1,974	2,432
Amortization of Goodwill & Intangibles	112.76	104.47	30.76	0.92	-	6.12
Depreciation & Amortization	176.52	134.36	102.17	199.34	-	154.6
Selling, General & Administrative	1,055	1,052	726.25	684.37	1,741	741.68
Provision for Bad Debts	-	-	0.4	-5.11	6.26	-
Other Operating Expenses	-0.97	14.46	62.94	61.6	99.17	127.81
Total Operating Expenses	25,299	9,381	7,151	7,457	7,306	6,608
Operating Income	2,078	1,231	1,013	1,135	813.16	686.31
Interest Expense	-	-56.1	-265.97	-217.62	-39.46	-164.81
Earnings From Equity Investments	-	-	8.42	0.32	3.89	6.49
Currency Exchange Gain (Loss)	35.94	35.94	67.87	-38.96	-	246.35
Other Non Operating Income (Expenses)	-	-	-4.97	6.24	-11.8	-1.13
EBT Excluding Unusual Items	2,260	1,211	818.52	884.69	765.79	773.21
Asset Writedown	-	-	143.76	1.07	30.32	45.8
Pretax Income	2,260	1,211	962.28	885.76	796.11	819.01
Income Tax Expense	351.02	263.2	123.51	-88.98	108.41	315.63
Net Income	1,909	947.46	838.77	974.73	687.7	503.38
Net Income to Common	1,909	947.46	838.77	974.73	687.7	503.38
Net Income Growth	125.32%	12.96%	-13.95%	41.74%	36.62%	46.23%
Shares Outstanding (Basic)	16,353	14,206	8,593	8,593	11,364	8,593
Shares Outstanding (Diluted)	16,353	14,206	8,593	8,593	11,364	8,593
Shares Change (YoY)	90.32%	65.32%	-	-24.39%	32.26%	3.02%
EPS (Basic)	0.12	0.07	0.10	0.11	0.06	0.06
EPS (Diluted)	0.12	0.07	0.10	0.11	0.06	0.06
EPS Growth	18.39%	-31.67%	-13.95%	87.46%	3.30%	41.94%
Free Cash Flow	2,162	1,019	860.17	1,668	173.43	370.98
Free Cash Flow Per Share	0.13	0.07	0.10	0.19	0.02	0.04
Dividend Per Share	0.030	0.030	-	-	-	-
Operating Margin	7.59%	11.60%	12.41%	13.21%	10.02%	9.41%
Profit Margin	6.97%	8.93%	10.27%	11.34%	8.47%	6.90%
Free Cash Flow Margin	7.90%	9.61%	10.54%	19.41%	2.14%	5.09%
EBITDA	2,266	1,401	1,100	1,318	954.43	840.91
EBITDA Margin	8.28%	13.20%	13.47%	15.34%	11.76%	11.53%
D&A For EBITDA	188.01	169.89	86.42	183.59	141.26	154.6
EBIT	2,078	1,231	1,013	1,135	813.16	686.31
EBIT Margin	7.59%	11.60%	12.41%	13.21%	10.02%	9.41%
Effective Tax Rate	15.53%	21.74%	12.83%	-	13.62%	38.54%

Source: S&P Capital IQ. Insurance template. Financial Sources.