Sovereign Trust Insurance Plc (the Company) shall unveil the 2024 performance to all stakeholders at its 30th AGM scheduled for Lagos at Lekki Bay Lounge Hall the 109.3% surge in insurance revenue which earned N40.4bn rising from N19.3bn in 2023.
The meeting scheduled for September 25 has secured all regulatory approvals, will approve a result which the underwriter stated showed an increased market penetration and the positive impact of the company’s reengineering initiatives.
The Company’s Spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole, made this known, cleared that “the journey to getting the 2024 Accounts of the Company approved by the industry’s primary Regulatory Authority has been quite an experience and there is every reason to be thankful for a successful outcome at the end of the day”. He said the lessons learnt from the whole process cannot be undermined just as the Company is committed to operating under very ethical and professional standards as far as the industry is concerned. He also used the occasion to thank the teeming shareholders of the company for believing in the management over the years, while also providing instructive support and understanding for the organization as a growing concern. He equally solicited for the continued patronage of its esteemed customers in the years ahead.
In fulfilling its commitment to policyholders, the company paid a total of N4.3 billion in claims compared to the claims payout of N3.3 bn in the prior year. The company also announced that it will be paying dividends to its shareholders this year just as it did at the 29th edition of the meeting.
The Managing Director, Mr. Olaotan Soyinka, reiterated the company’s unwavering commitment to creating value to both shareholders and stakeholders alike. In his words, “the path through the adoption of the International Financial Reporting Standard (IFRS17) was not without its challenges, but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team”. He equally reiterated that the Company’s desire is to continue to reinforce trust and confidence in the brand as customers’ expectations gets heightened.
The company reiterated that will continue to deliver on all promises and obligations in actualizing its vision of “becoming a leading brand in the insurance industry in the country while maintaining a place of reckoning in the minds of the insuring public.
