Sovereign Trust Insurance settles N3.7bn genuine claims in 2021

The Sovereign Trust Insurance Plc, in 2021 settled claims totaling N3.7 billion to various policyholders spread across the country, with affirmed commitment and capacity to honour all genuine claims as and when due.

The Head of Corporate Communications and Investor Relations for the organisation, Mr. Segun Bankole while sharing information regarding the company’s preparation for its 27th Annual General Meeting, said the underwriting firm no doubt showed great resilience amidst the various challenges that characterized the operating environment in year 2021.

Despite the challenges of 2021, 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.

The company recorded Gross Premium Written of N12.7 billion over N11.1billion recorded in 2020 representing a 14.4 per cent increase.

The Net Premium Income equally grew by 11.2 per cent from the sum of N6.5 billion in 2020 to N7.2 billion in 2021.

Also, it achieved Profit After Tax of N974 million as against N687 million recorded in year 2020 representing an increase of 42 per cent.

The Profit Before Tax equally increased from N796 million in 2020 to N885million in the year 2021 representing an 11 per cent growth rate, while Earnings Per Share improved by 42 per cent from 8kobo in year 2020 to 11.34 kobo in 2021.

The size and quality of the balance sheet equally improved as total assets of the Company increased from N14.8 billion to N16.3 billion representing 11 per cent growth while shareholders Fund increased by 11 per cent also from N8.6 billion in 2020 to N9.6 billion in 2021.

In all, the Company recorded a modest financial performance in the year under review as its negative Retained Earnings improved by 72 per cent from N829 million in 2020 to N236 million in 2021.

The Managing Director and Chief Executive Officer of the company, Mr. Olaotan Soyinka, in his comment attributed the performance 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 2021 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, ethics and ensuring superior investment returns in the days ahead.

Meanwhile, Bankole, said that Thursday, August 18, 2022, has been set as the date to for the company’s 27th Annual General Meeting having been granted approvals for its 2021 Annual Report and Accounts by the National Insurance Commission, NAICOM, and the Nigerian Exchange Limited, NGX, respectively.

The Meeting this year, would be held at the Bay Lounge Hall, Block 12A, located on 10, Admiralty Road, Lekki, Phase 1, Lagos.

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