Underwriting firm, Sovereign Trust Insurance is holding its Annual General Meeting next month, marking its 25 years of doing business in Nigeria.
Segun Bankole who disclosed this in Lagos said the company, no doubt showed great resilience amidst the various challenges that characterized the operating environment in the year 2019, and the last 25 years. He said, there is every reason to be appreciative to all the shareholders and customers of the Organization who had shown great level of commitment and patronage to the Company since inception 25 years ago.
According to him, this year’s Annual General Meeting is a remarkable because the Company is set to celebrate her 25th anniversary in the Insurance Industry in Nigeria.
“Amidst the vicissitudes of 2019, the company ended the financial year under review with a great sense of optimism that the days ahead will continue to look brighter and better.”
Bankole said “the urge to continue to maintain an enduring and comprehensive growth strategy still forms the bedrock upon which the company is built. In the midst of the avalanche of challenges that characterized the industry within the year under review, the company in its consistent manner was able to record Gross Premium Written of N10.8billion representing a 3 percent increase over the N10.5billion recorded in 2018. The net premium Income equally grew by 18 percent to N5.9billion over the sum of N5.0billion recorded in the corresponding year.
“In the same vein, the company recorded a Profit Before Tax of N819million as against N541million recorded in year 2018 representing over 52 percent increase. Profit after tax also stood at N503million, a 46 percent increase when compared with the sum of N344million recorded in 2018. Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 9.2 percent as against 8.0 percent achieved in the corresponding year of 2018. Similarly, the company’s Investment income rose by 20.8 percent from N388million in 2019 to N469million in 2018.”
The size and quality of the balance sheet equally improved as total assets rose from N11.3billion to N13.4billion representing a 19 percent increase while earning per share improved by 42% from 4.13kobo to 5.86kobo.
Olaotan Soyinka, managing director/CEO speaking on the company’s performance attributed it to the commitment shown by every member of staff who he described as the drivers of the organization coupled with the fact, that the company’s Management is also dedicated to ensuring that the company takes its place of pride in the Industry.
According to him, “it is a statement of fact that we want to be a leading brand in the insurance industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure. Our 2019 performance was not fortuitous, we worked towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing serious premium on corporate governance and ethics of the business.”
