Sovereign Trust Insurance Plc has announced Thursday, August 18, 2022 for its 27th Annual General Meeting having been granted approvals for its 2021 Annual Report and Accounts by the National Insurance Commission, NAICOM, and the Nigerian Exchange Limited, NGX, respectively.
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 on www.stiplc.com with the exception of the approved Proxies of the Shareholders.
The Head of Corporate Communications and Investor Relations for the organisation, Mr. Segun Bankole shared this information recently in Lagos while briefing newsmen in preparation for the 27th Annual General Meeting of the Underwriting Firm.
The company, no doubt showed great resilience amidst the various challenges that characterized the operating environment in year 2021. He said, there is every reason to be appreciative to all the shareholders and customers of the organisation who had shown great level of commitment and patronage to the Company since inception 27 years ago.
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.
Despite the wavering business environment in 2021, the Company recorded Gross Premium Written of N12.7billion over N11.1billion recorded in 2020 representing a 14.4% increase. The Net Premium Income equally grew by 11.2% from the sum of N6.5billion in 2020 to N7.2billion in 2021.
In the same vein, 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 N885million 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 N14.8billion to N16.3billion representing 11% growth while shareholders Fund increased by 11% also from N8.6billion in 2020 to N9.6billion 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 in 2020 to N236million in 2021. The Company also affirmed its commitment and capacity to honour all genuine claims as and when due. The Company in 2021 settled claims totaling N3.7billion to various policyholders spread across the country.
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 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.”