By Bisi Bamishe
Sovereign Trust Insurance Plc (the Company) 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 (NGX), respectively. It will 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 Insurance Plc having met the requirement, got the nod of the Commission to proceed accordingly. The Annual General Meeting is billed to hold at the Bay Lounge Hall, Block 12A, 10 Admiralty Road, Lekki Phase 1 Lagos by 11am.
The company’s Spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole made this known at a press parley with newsmen in preparation for the 29th Annual General 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 organization 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 characterized the year under review, the Underwriting Firm still continued on the pathway of growth. The company grew its insurance revenue by 23.1% from N15.7B in 2022 to N19.3B in 2023. The Insurance Service Expenses in line with the new accounting standard grew by 21.7% from N6B in 2022 to N7.3B in 2023. Furthermore, the Investment Income increased from N548M in 2022 to N819M in 2023, representing 49.3% growth. In the area of claims administration, the company paid a total of N3.3B in 2023 as against N3.2B in 2022.
The company’s total asset grew from N17.2B in 2022 to N22.8B in 2023, resulting in 33% increase. The total equity rose by 31% from N10.4B in 2022 to N13.6B in 2023. This is largely due to the success recorded at the Rights Issue exercise carried out by the company in 2023. In addition, Profit Before Tax (PBT) of N1.42B was achieved in the year under review.
The Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka reiterated the company’s unwavering commitment to creating value to both Shareholders and Stakeholders alike. In his words, “the path through the adoption of the International Financial Reporting Standard, (IFRS17) was not without its challenges but with the perseverance and doggedness of every member of staff, we were able to overcome and succeeded as a team”.
Sovereign Trust Insurance Plc will continue to deliver on all promises and obligations in actualizing its vision of “becoming a leading brand in the insurance industry in the country while maintaining a place of reckoning in the minds of the insuring public. The company has announced that it will be paying dividends to its Shareholders this year.
