Despite economic challenges in Nigeria, Sovereign Trust Insurance Plc has posted a 97 per cent Profit After Tax (PAT) growth from N294, 943 million in 2014 to N582,209 million in 2015.
The management of the underwriting firm in its 2015 financial report announcing the 21st edition of her Annual General Meeting slated to hold August 10, 2016, said the growth was achieved as a result of the cost reduction mechanism adopted by the company, in which, management expenses reduced to N1.425 billion against N1.490 billion in the previous year with a 4.6% decrease.
The company’s Gross Premium Written, (GPW) in 2015, stood at N7.13 billion.
Speaking on the preparation for the AGM, Managing Director, Mr. Olaotan Soyinka, at a media parley in Lagos, said that the high point of the Annual General Meeting will be the unveiling of the new Chairman of the Board of Directors of the firm, Mr. Oluseun Ajayi, and other members of the newly constituted Board.
It will be recalled that the erstwhile and pioneer Chairman of Sovereign Trust Insurance Plc, H.H. Ephraim Faloughi, and other members of the Board retired on April 7, 2016, after two decades of meritorious service to the organisation.
The Company’s Managing Director however reiterated that the firm’s commitment and determination to getting the organisation back to sustainable profitability in the years ahead.