Room for improvement at Sovereign: CEO

Sovereign posted a profit for the half-year ended December 31 of $57 million, up 43% on the same period a year earlier but down 10% on the first half of 2014.

The decline compared to the earlier half was driven by higher lapse rates. Brewis-Weston said they could be seasonal. “There’s more movement between July and October but overall it’s running about sub-10% which is pretty good.”

In-force premiums were up 5% compared to the same period in 2013.

Brewis-Weston said the company was doing well. “It’s been a pretty solid 12-month period for Sovereign, I’m happy with the result.”