Buoyed by steady pathway to growth and approval of accounts by regulatory bodies Sovereign Trust Insurance Plc is set to hold its 29th annual general meeting to unveil its performance which grew insurance revenue by 23.1% from N15.7bn in 2022 to N19.3bn in 2023. This performance Sovereign Trust said was in spite of the challenging macro-economic environment that characterized the year under review.
The company’s Spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole made this known at a press parley with newsmen in preparation for the 29th Annual General Meeting. According to him, “the journey to getting the 2023 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”.
The pathway to growth the underwriting firm stated, show insurance service expenses in line with the new accounting standard grew by 21.7% from N6bn to N7.3bn. Furthermore, the investment income increased from N548million to N819million, representing 49.3% growth. In the area of claims administration, the company paid a total of N3.3bn in 2023 as against N3.2bn in 2022.
The company’s total asset grew from N17.2bn to N22.8bn, resulting in 33% increase. The total equity rose by 31% from N10.4bn to N13.6bn. This is largely due to the success recorded at the rights Issue exercise carried out by the company in 2023. In addition, profit before tax (PBT) of N1.42bn was achieved in the year under review.
The Managing Director of Sovereign Trust Insurance Plc, 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 succeeded as a team”.
Sovereign Trust Insurance Plc 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. The company has announced that it will be paying dividends to its shareholders this year.
It will be recalled that NAICOM had directed all insurance companies in the country to prepare their accounts in line with the International Financial Reporting Standard, IFRS17. Sovereign Trust Insurance Plc having met the requirement, got the nod of the Commission to proceed accordingly to hold its AGM at the Bay Lounge Hall, Block 12A, 10 Admiralty Road, Lekki Phase 1 Lagos.
Bankole 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.