L-R: Ugochi Odemelam, Executive Director, Sovereign Trust Insurance Plc, Yetunde Martins, Company Secretary, (Citipoint Chambers), Oluseun Ajayi, Chairman, Board of Directors, Sovereign Trust Insurance Plc and Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc at the 24th Annual General Meeting of the company in Lagos.

By Ngozi Onyeakusi —Sovereign Trust Insurance Plc, one of the frontline underwriting firms in the country, has posted a Gross Premium written to the tune of N10.5billion for the financial year 2018 compared to the N8.5billion written in 2017, thus representing a 23% increase.

Addressing shareholders at the firms 24th annual general meeting in Lagos, the Chairman of the company, Mr Oluseun Ajayi stated that despite the challenging economic environment, the STI made a nice outing within the period. ” I am delighted to report that our company returned to achieving steady revenue growth and continue our Profit drive. Our company was able to record gross premium written of N10.5 billion”, he acclaimed.

Net premium income also grew by 31 per cent to N5.5 billion over N3.85 billion recorded in the corresponding period of 2017.

The firm’s Profit Before Tax, he said as well grew by 167 per cent totaling N540m as against N202m recorded in year 2017 while profit after tax equally rose to N344m as against N157m in 2017 representing 118% increase.

Shareholders at the meeting commended the board and management of the company for sustaining profitability even as they called for more improvement in the firms business retention strategy.

Ajayi further urged the shareholders to participate actively in the firms ongoing Right issue by ensuring that they subscribe.

Sovereign Trust is offering for subscription a total of 4.1 billion ordinary shares to its existing shareholders aimed at boosting its capital base. ” The mandate to scale up our capital is already at an advanced stage. Our program for capitalization will take off with the issuance of Right to existing shareholders of our company”, he said.