Sovereign Trust Insurance Plc has announced that the company’s 29th Annual General Meeting will be held on Thursday, September 26, 2024.
This is coming just after the underwriting firm secured the approval of the National Insurance Commission, NAICOM, and that of the Nigerian Exchange Limited, respectively.
It would be recalled that NAICOM had directed all insurance companies in the country to prepare their accounts in line with the International Financial Reporting Standard, IFRS17. Sovereign Trust, having met the requirement, got the nod of the Commission to proceed accordingly.
The company’s spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole made this known at a press parley in preparation for the yearly meeting.
According to him, “the journey to getting the 2023 Accounts of the company approved by the industry’s primary regulatory authority has been quite an experience and there is every reason to be thankful for a successful outcome at the end of the day”. He said the lessons learnt from the whole process cannot be undermined just as the company is committed to operating under very ethical and professional standards as far as the industry is concerned.
He also used the occasion to thank the teeming shareholders of the company for believing in the management over the years, while also providing instructive support and understanding for the organisation as a growing concern.
He equally solicited for the continued patronage of its esteemed customers in the years ahead.
In spite of the challenging macro-economic environment that characterised the outgone year 2023, the underwriting firm still continued on the pathway of growth, as the insurance outfit grew its insurance revenue by 23.1 percent from N15.7 billion in 2022 to N19.3 billion in 2023.
The Insurance Service Expenses, in line with the new accounting standard, grew by 21.7 percent from N6 billion in 2022 to N7.3B billion in 2023. Furthermore, the Investment Income increased from N548 million in 2022 to N819 million in 2023, representing 49.3 percent growth.
In the area of claims administration, the company paid a total of N3.3 billion in 2023 as against N3.2B billion in 2022.
