Sovereign Trust grows premium by 14.4%


By Kehinde Ibrahim, Lagos

SOVEREIGN Trust Insurance Plc said its gross premium rose by 14.4 per cent in the 2021 financial period.

The Head, Corporate Communications and Investor Relations, STI, Mr Segun Bankole, said this in a statement on its upcoming annual general meeting in Lagos.

“Despite the wavering business environment in 2021, the company recorded gross premium written of N12.7bn over N11.1bn recorded in 2020 representing a 14.4 per cent increase,” he said.

Having been granted approvals for its 2021 annual report and accounts by the National Insurance Commission and the Nigerian Exchange Limited, he said it was set to hold its annual general meeting in Lagos.

“However, in line with the Federal Government and Lagos State directives on restriction of gatherings of large number in curbing the spread of the COVID-19 pandemic, majority of the shareholders will be participating at this year’s annual general meeting of the underwriting firm online via a link on the company’s website with the exception of the approved proxies of the shareholders,” he said.

The Managing Director and Chief Executive Officer of the company, Mr Olaotan Soyinka, attributed the performance to the commitment shown by every member of staff.

He described them as the drivers of the organisation, noting that management was also dedicated to ensuring that the firm took its place of pride in the industry.

“The company, no doubt, showed great resilience amidst the various challenges that characterised the operating environment in the year 2021,” he said.

Amidst the challenges of 2021, he said, the company ended the financial year under review with a great sense of optimism that the days ahead would continue to look brighter and better.

The managing director said, “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 improve our performance as much as we can while placing a serious premium on corporate governance, ethics and ensuring superior investment returns in the days ahead.”