Sovereign Trust Insurance holds 21st AGM August 10, posts 97% profit

The management of Sovereign Trust Insurance Plc said it is set to hold the 21st edition of her Annual General Meeting on August 10, 2016.

This is coming after the company got the approvals for its 2015 Annual Reports and Accounts by both the National Insurance Commission (NAICOM) and the Nigerian Stock Exchange (NSE) respectively.

Managing Director, Mr. Olaotan Soyinka, disclosed this in Lagos while briefing newsmen at a media parley.

The highpoint of this year’s Annual General Meeting for the underwriting firm will be the unveiling of the new Chairman of the Board of Directors in the person of 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 F. Faloughi, and other members of the Board retired on April 7, 2016, after two decades of serving the organization.

In spite of the economic challenges experienced in the operating environment during the period under consideration, the Underwriting Firm continued to sustain its strong growth trail on Profit After Tax (PAT) recording a 97% growth from N294, 943 million in 2014 to N582,209 million in 2015.

This 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.

Mr. Olaotan Soyinka, MD/CEO of the Underwriting Firm has reiterated the company’s commitment and determination to getting the organization back to sustainable profitability in the years ahead.

He will be leading the Management Team for the first time to the 21st Annual General Meeting as a member of the Board of Directors as well.