Sovereign Trust Insurance plc recorded Gross Premium Written of N10.8billion representing a 3% increase over the N10.5billion recorded in 2018, in spite of the challenges that characterized the insurance industry within the year under review.
The 25th annual general meeting of the company holds October 22 in Lagos, having been granted approvals for its 2019 Annual Reports and Accounts by the National Insurance Commission, NAICOM, and the Nigerian Stock Exchange, NSE.
However, in line with the Federal Government and Lagos State directives on restriction of gatherings of large number in curbing the spread of the COVID-19 pandemic, majority of the Shareholders will be participating at this year’s Annual General Meeting of the Underwriting Firm online via a link on the company’s website on www.stiplc.com with the exception of the approved Proxies of the Shareholders.
The Chief Spokesperson of the Organizlsation, Mr. Segun Bankole stated this in Lagos.
The net premium Income equally grew by 18% to N5.9billion over the sum of N5.0billion recorded in the corresponding year.
In the same vein, the company recorded a Profit Before Tax of N819million as against N541million recorded in year 2018 representing over 52% increase. Profit after tax also stood at N503million, a 46% increase when compared with the sum of N344million recorded in 2018. Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 9.2% as against 8.0% achieved in the corresponding year of 2018. Similarly, the company’s Investment income rose by 20.8% from N388million in 2019 to N469million in 2018.
The size and quality of the balance sheet equally improved as total assets rose from N11.3billion to N13.4billion representing a 19% increase while earning per share improved by 42% from 4.13kobo to 5.86kobo.
The company’s Managing Director, Mr. Olaotan Soyinka has attributed the performance to the commitment shown by every member of staff who he described as the Drivers of the organization coupled with the fact, that the company’s Management is also dedicated to ensuring that the company takes its place of pride in the Industry.
According to him, “it is a statement of fact that we want to be a leading brand in the Insurance Industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure.” Our 2019 performance was not fortuitous, we worked towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing serious premium on corporate governance and ethics of the business.
