Sovereign Trust Insurance Plc, says its resilience amidst the challenges of 2021 has helped it end the year with recorded gross premium written at N12.7bn over N11.1bn recorded in 2020 representing 14.4%. The net premium equally grew by 11.2% from the sum of N6.5bn in 2020 to N7.2bn in 2021.
This is the nugget of the annual report and accounts already approved by National Insurance Commission and the Nigerian Exchange Limited that shareholders and stakeholders will deliberate at the underwriting firm’ 27 AGM on August 18, 2022 at Bay Lounge Hall, Admiralty Road, Lekki, Phase 1, Lagos. However, the meeting will wear the gab of Covid-19 restrictions with in person and virtual options.
Amidst 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 achieved profit after tax of N974million as against N687million recorded in year 2020 representing an increase of 42%. The profit before tax equally increased from N796million in 2020 to N885 million in the year 2021 representing an 11% growth rate. Similarly, earnings per share improved by 42% from 8kobo in year 2020 to 11.34kobo in 2021.
The size and quality of the balance sheet equally improved as total assets of the company increased from N14.8bn to N16.3bn representing 11% growth while shareholders Fund increased by 11% also from N8.6bn in 2020 to N9.6bn in 2021.
In all, the company recorded a modest financial performance in the year under review as its negative retained earnings improved by 72% from N829million to N236million in 2021. Also the company settled claims totalling N3.7bn to various policyholders spread across the country.
The Head of Corporate Communications and Investor Relations, Mr. Segun Bankole who shared this information recently in Lagos while briefing newsmen on the coming AGM, said the company ended the financial year with a great sense of optimism that the days ahead would continue to look brighter and better.
He said the performance was a trail of great resilience in a challenging environment and there was 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 27 years ago.
The Managing Director and Chief Executive Officer of the company, Mr. Olaotan Soyinka has attributed the performance to the commitment shown by every member of staff who he described as the drivers of the organization and management that 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.”
