Olaotan Soyinka, MD/CEO Sovereign Trust Insurance
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Chuks Udo Okonta
Sovereign Trust Insurance (STI) PLc has secured approval of the National Insurance Commission (NAICOM) for its 2016 audited financial statements.
A statement by Head of Corporate Communications & Brand Management for Sovereign Trust Insurance Plc, Segun Bankole, noted that a lot of Corporate Organisations and Financial Institutions in Nigeria, the year 2016, was a difficult one for Business Owners and Operators alike with its attendant challenges amidst a recessed economy which is yet to abate.
According to him, despite the harsh operating environment during the year, the Underwriting Firm grew its Balance Sheet size from N9.2 billion in 2015 to N9.5 billion in 2016. Although, there was a downward shift in the Gross Premium Written when compared to the same period, ended December 31, 2015. The company ended the year 2016, with a Gross Premium Income of N6.3b as against N7.1b in 2015, signaling about N732 million shortfall in revenue.
Worthy of note is the fact that the company showed considerable signs of resilience in some aspects of its operations which to many in the Industry, portends a promising future for the Underwriting Firm as its Investment Income grew from N214m in 2015, to N281m in 2016.
As a result of the company’s effective claims administration, its claims payment in 2016, reduced from N1.5billion in 2015, to N1.4billion in the year under review. The Total comprehensive income for the year net of tax, rose from N19m in 2015,to N186m in 2016. Its Profit after tax however, reduced from N557m in 2015, to N23m in the year under review.
He said the Shareholders of the company can begin to look forward to a brighter future ahead as the murky economic situation that pervaded operations of most corporate organizations in the country is beginning to show signs of recovery.
For Sovereign Trust Insurance Plc, the Board and Management of the company maintains high hopes for the future and that of the insurance industry in general. The company believes that the future of insurance business in Nigeria is bright and it is poised to latch on to the availing opportunities that the market will bring to bear in delighting its Shareholders and Customers in the years ahead.
