Sovereign Trust Insurance records N7.1bn gross premium

ABDUL-KHALIQ OLALEKAN

In spite of the turbulent operating environment in the country, Sovereign Trust Insurance Plc (STI), Plc was able to generate N7.13 billion gross premium from the insurance businesses it undertook in 2015 financial year.

The underwriting firm also recorded a 97 per cent growth in its Profit After Tax (PAT), from N294, 943 million in 2014 to N582, 209 million in 2015. This, the firm stated, in a statement made available to Business247 News Online , was achieved as a result of the cost reduction mechanism adopted by the company, in which, management expenses reduced to N1.425 billion against N1.490 billion in the previous year with a 4.6% decrease.

Meanwhile, STI Plc said it is set to hold its 2015 Annual General Meeting (AGM), having been granted approvals for its 2015 Annual Reports and Accounts by the National Insurance Commission (NAICOM) and the Nigerian Stock Exchange (NSE) respectively.

The AGM, set to hold on August 10, in Lagos, will witness the unveiling of the new Chairman of the firm, Mr. Oluseun Ajayi and other members of the newly constituted board.

The erstwhile and pioneer Chairman of the company, H.H. Ephraim F. Faloughi, and other members of the board have retired on April 7, 2016, after two decades of meritorious service to the organisation.

However, Mr. Olaotan Soyinka, Managing Director/CEO of insurance firm, has reiterated the company’s commitment and determination to getting the organization back to sustainable profitability in the years ahead