Insurance

Sovereign Trust Insurance grosses N8.5bn in 2017

From left: Company Secretary, Toyin Akano, Chairman, Oluseun Ajayi and Managing Director/CEO, Olaotan Soyinka all of Sovereign Trust Insurance Plc at the company’s 23rd Annual General Meeting in Lagos.

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Chuks Udo Okonta

Sovereign Trust Insurance Plc recorded Gross Premium Written (GPW) of N8.5 billion in 2017, a 33 per cent increase over the N6.3 billion recorded in 2016.

Its Chairman, Oluseun Ajayi, stated this today at the firm’s Annual General Meeting (AGM) in Lagos. He noted that the companies net claims expenses for 2017was N1.3 billion, which was a 9.5 per cent improvement over the N1.44 billion recorded in 2016.

According to him, the firm also recorded a Profit Before Tax (PBT) of N202 million as against N44 million recorded in 2016, representing over 351 increase. Profit After Tax (PAT), he said stood at N157 million, a 569 per cent increase as against N23 million recorded in 2016.

He noted that Return on Capital Employed (RoCE) recorded a positive performance of 1.87 per cent as against 0.47 per cent in the previous year and Investment income those by 41.6 per cent from N286 million in 2016 to N406 million in 2017.

Ajayi posited that the firm’s total assets rose from N9.5 billion to N10 billion representing 13.7 per cent increase.

Shareholders of the company applauded the board and management of the firm for posting good financial results, whilst urging them to do more.

Pastor Williams Adebayo, the President of Greenish Shareholdes’ Association commended the company for improving its performance in the year under review compared to that of 2016.

He said the nod to raise more capital was given to enable the company become one of the top five insurance companies through optimal performance.

He also called for extension of Tier-Based recapitalisation model newly evolved by NAICOM.

He said the CBN at just concluded Monetary Policy Committee (MPC) warned that the economy may relapsed into recession based on the some economic fundamentals discovered.

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