Insurance

Sovereign Trust Insurance posts N582.21m profit

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From left: Company Secretary, Yetunde Martins; Chairman, Oluseun Ajayi and Managing Director, Olaotan Soyinka at the event

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Chuks Udo Okonta

Sovereign Trust Insurance Plc posted a profit after tax of N582.21 million in 2015, its Chairman, Oluseun Ajayi, has said.

He disclosed this today at the firm’s Annual General Meeting in Lagos, adding that in spite the tough operating terrain the firm sustained a considerable growth as the net profit increased by 97 per cent, moving from N294.94 million in 2014 to N582.21 million last year.

He noted that the achievement was traceable to several cost reduction mechanism adopted by the company in the course of the year.

He posited that the firm experienced a slight fall in gross Premium written and underwriting profit, adding that the performance is not unconnected to the harsh operating terrain and policy uncertainty experienced in the country during the year.

He said the company has deployed measures and strategies aimed at increasing income generation and positioning the brand for improved service delivery.

The firm’s gross premium written for the year stood at N7.13 billion; net underwriting income, N4.35 billion and claims settlement, N1.5 billion.

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General Secretary Independent Shareholders Association of Nigeria Adebayo Adeleke (middle)with other shareholders at the event.

Shareholders of the firm lauded its outstanding performance, while urging it to do more, especially in maximizing the retail insurance opportunities.

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