STI set to present accounts to shareholders

The drive to continue to uphold comprehensive growth strategy still forms the bedrock upon which Sovereign Trust Insurance Plc is built, just as the company announce plans for its Annual General Meeting this month. Amidst the various challenges that characterized the industry within the year, Sovereign Trust Insurance Plc was able to record Gross Premium Written of N8.5 billion representing a 33 percent increase over the N6.3 billion recorded in 2016. The Net Claims Expenses in 2017 was N1.3billion which is a 9.5 percent 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 N202 million as against N44 million recorded in year 2016 representing over 351 percent 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 percent as against 0.47 percent achieved in the corresponding year of 2016. Similarly, the Investment income rose by 41.6 percent from N286million in 2016 to N406million in 2017.

In addition, the total assets rose from N9.5billion to N10.8billion representing 13.7 percent increase. The composition of the assets was well structured to position the company for better future performance.

Olaotan Soyinka, managing director of Sovereign Trust Insurance Plc, reiterated 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”.