Adedapo Adesanya
By Dipo Olowookere
The employees of Sovereign Trust Insurance (STI) Plc have been praised for their diligence and efforts in making the company achieved stronger performance in the 2019 financial year.
The Managing Director/CEO of STI, Mr Olaotan Soyinka, described members of staff of the organisation as the drivers of the better earnings the firm recorded last year.
Business Post gathered that in the period under review, STI achieved a gross premium written (GPW) of N10.8 billion, 3 per cent higher than the N10.5 billion recorded in 2018, while the net premium income equally grew by 18 per cent to N5.9 billion 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 N541 million recorded in the year 2018 representing over 52 per cent increase, while the post-tax profit jumped by 46 per cent to N503 million from N344 million recorded in 2018.
Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 9.2 per cent as against 8.0 per cent achieved in the corresponding year of 2018.
Similarly, the company’s investment income rose by 20.8 per cent from N388 million in 2019 to N469 million in 2018, while the earning per share improved by 42 per cent from 4.13 kobo to 5.86 kobo.
A look at the size and quality of the balance sheet showed a double-digit improvement by 19 per cent to N13.4 billion from N11.3 billion.
According to Mr Soyinka, these strong results would not have been recorded if not for the dedication and commitment shown by every member of staff of the company.
“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 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 a serious premium on corporate governance and ethics of the business,” he noted.
Meanwhile, Sovereign Trust Insurance has said its 25th Annual General Meeting (AGM) will take place on Thursday, October 22, 2020, at the Bay Lounge Hall, Lekki Phase 1, Lagos.
