By Bisi Bamishe
Sovereign Trust Insurance Plc has announced that the Company’s 30th Annual General Meeting will be held on Thursday, September 25, 2025.
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.
The Annual General Meeting is billed to be held at the Bay Lounge Hall, Block 12A, 10 Admiralty Road, Lekki Phase 1, Lagos, by 11 am.
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 30th Annual General Meeting.
According to him, “the journey to getting the 2024 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.
Mr Bankole equally solicited for the continued patronage of its esteemed customers in the years ahead.
Despite the improved macroeconomic climate and challenges introduced by the adoption of the new financial reporting standards, Sovereign Trust Insurance Plc recorded a landmark year in 2024.
This has been driven largely by strategic execution, prudent risk management, and operational resilience. The Underwriting Firm’s insurance revenue surged by 109.3%, rising from N19.3 billion in 2023 to N40.4 billion in 2024.
This growth shows an increased market penetration and the positive impact of the company’s reengineering initiatives.
In fulfilling its commitment to policyholders, the Company paid a total of N4.3 billion in claims compared to the claims payout of N3.3 billion in the prior year.
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 succeed as a team”.
He equally reiterated that the Company’s desire is to continue to reinforce trust and confidence in the brand as customers’ expectations gets heightened.
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 just as it did at the 29th edition of the Company’s Annual General Meeting.
