Sovereign Trust Insurance grows PAT by 569%

…Shareholders receive 2017 financial report September 27

Having met all the stipulated requirements outlined by the National Insurance Commission (NAICOM) and the Nigerian Stock Exchange (NSE), respectively, the Sovereign Trust Insurance Plc has announced that its 23rd Annual General Meeting will hold on Thursday, September 27, 2018.

Presenting the company’s 2017 financial record at a press parley with newsmen in Lagos, Mr. Olaotan Soyinka, Managing Director of Sovereign Trust Insurance Plc, said that “the company has satisfactorily fulfilled all the necessary conditions for the approval of its 2017 Annual Reports & Accounts and as such, have been given the go-ahead to host the 23rd edition of its Annual General Meeting”.

While thanking the company’s Shareholders for their support and understanding over the years, Soyinka solicited for the continued patronage of its teeming customers across the country and beyond.

The drive to continue to uphold comprehensive growth strategy still forms the bedrock upon which the company is built.  Amidst the various challenges that characterized the industry within the year, Sovereign Trust Insurance Plc was able to record Gross Premium Written of N8.5billion representing a 33% increase over the N6.3 billion recorded in 2016.

The Net Claims Expenses in 2017 was N1.3billion which is a 9.5% improvement over the sum of N1.44billion recorded in 2016 because of efficient claims management.

In the same vein, the company recorded a Profit Before Tax of N202million as against N44million recorded in year 2016 representing over 351% increase. Profit after tax also stood at N157million, a 569% increase when compared with the sum of N23million recorded in 2016. Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 1.87% as against 0.47% achieved in the corresponding year of 2016. Similarly, the Investment income rose by 41.6% from N286million in 2016 to N406million in 2017.

In addition, the total assets rose from N9.5billion to N10.8billion representing 13.7% increase.

The composition of the assets was well structured to position the company for better future performance.

Speaking with NEWSVERGE at the media parley, Segun Bankole, Head, AGM, Corporate Communications & Brand Management, Sovereign Trust Insurance Plc, said that the company’s unwavering commitment to creating value to both Shareholders and Stakeholders alike.

In his words, “the path through achieving growth and sustaining same is not without its challenges but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team”.

Meanwhile, the Meeting of the Shareholders of the Underwriting Firm will be held at the Grand Banquet Hall of the Civic Centre, Victoria Island, Lagos by 11.00am.