WorldStage Newsonline– Sovereign Trust Insurance Plc has announced that its 25th Annual General Meeting will hold on Thursday, October 22, 2020 at the Bay Lounge Hall, Block 12A, located on 10, Admiralty Road, Lekki, Phase 1, Lagos.
A notice released at the Nigerian Stock Exchange said this year’s Annual General Meeting is a remarkable one as the Company celebrates her 25th anniversary in the Insurance Industry in Nigeria.
The Chief Spokesperson of the Organization, Mr. Segun Bankole in the notice said, “there is 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 25 years ago.”
According to him, this year’s Annual General Meeting is a remarkable one as the Company celebrates her 25th anniversary in the Insurance Industry in Nigeria.
“The urge to continue to maintain an enduring and comprehensive growth strategy still forms the bedrock upon which the company Is built In the midst of the avalanche of challenges that characterized the Industry within the year under review, the company in its consistent manner was able to record Gross Premium Written of N 1 0.8 billion representing a 3% Increase over the N 1 0.5bllllon recorded 1n 2018. The net premium Income equally grew by 18% lo N5.9billion over the sum of N5.0 billion recorded In the corresponding year.
“In the same vein, the company recorded a Profit Before Tax of N819 million as against N54l million recorded In year 2018 representing over 52% Increase. Profit after tax also stood at N503 million, a 46% increase when compared with the sum of N344millon recorded in 2018. Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 9.2% as against 8.0% achieved in the corresponding year of 2018.
“Similarly, the company’s Investment Income rose by 20.8% from N388mllllon In 2019 to N469million in 2018.
“The size and quality of the balance sheet equally improved as total assets rose from N 11.3 billion to N 13.4billion representing a 19% increase while earning per share improved by 42% from 4.13kobo to 5.86kobo.
“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 coupled with the fact, that the company’s Management 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 fo all our teeming customers spread across the company with the support of our technology infrastructure.
“Our 2019 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 and ethics of the business.”