Standing in the heart of Victoria Island, Lagos, the street to its office share a link with the popular ‘Eko Hotel roundabout,’ in V.I, an edge that also assist in the promotion of its brand name.
With claims payment its hallmark, its one of the few underwriters devoted to insurance education and awareness using the traditional and new media channel to spread the gospel of insurance and its business.
This is giving Sovereign Trust Insurance Plc a good advantage, especially, in motor insurance where the brand is gaining momentum day by day.
Business Philosophy
From inception, the company moved from an average industry rating to a leading position, investing in the best of people and technology, improving processes, growing market share at an average annual growth rate of 30%, and thereby expanding its balance sheet size.
The company continuously strives to be amongst the top five insurance companies in Nigeria.
The Board of Directors of the company is made up of reputable individuals that have distinguished themselves in different fields of endeavour.
The head office is in Victoria Island, Lagos with Area and Branch offices spread across the country in 11 locations including the Federal Capital Territory, Abuja. The day-to-day operations are manned by well-experienced and vibrant professionals in varied fields of specialisation.
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The company has to its name a series of corporate awards and appreciation plaques for its contributions to various developmental projects and initiatives across the country.
For Sovereign Trust, the journey has just begun and the insurance industry is set to witness a new and more innovative way of doing insurance business in Nigeria.
Financials
According to the company’s unaudited financial statement for the 30th December, 2024 released by the Nigerian Exchange Group, the company recorded an impressive result:
-Insurance revenue rose by 98.58% from N19,322 billion to N38,372,159billion
– (Loss)Profit Before Tax rose by 144.74% to N3,464,983 billion as against 1,415,761billion
– (Loss)Profit After Tax appreciated by 142.34% to N3,087,387 billion when compare to N1,273,973billion reported in 2023
– Earning per share stood at 22 as against 18 representing 22.22% growth.
Claims
Committed to customer satisfaction evident by its prompt claims resolution, the company paid a total of N1.9 billion to policyholders in the first half of 2024, covering 1455 claims spread across various policies from the different branches across the country.
The breakdown of the claims paid report in the first half shows that:
-Fire policies have the highest figure of N931million
-Motor claims ranking second with a sum of N416million
-General Accident with a sum of N254million -Marine and Aviation with a sum of N218million
– Engineering with a sum of N65 million
-Oil and gas claims with a sum of N9.6million
– Energy with a sum of N584,000million
Vision and Mission
Promising to continually operate in line with its vision of wanting to be a ‘leading brand, providing insurance and financial services of global standard,’ ’ it is equally pursuing its mission of ‘enhancing the everyday life of our customers through innovative insurance and financial services while creating exceptional value for our shareholders.’
Biography
Sovereign Trust Insurance Plc commenced business in January 1995 following the restructuring and recapitalisation of the then Grand Union assurances Limited. The Company went into operation with an authorized and paid up capital of N30 million and N20 million respectively.
Currently, however, its share capital is N7.5billion divided into 15 billion units of shares at 50 kobo per share. It has a fully paid-up capital of N7billion and shareholders funds of over N10billion.
In January 2024, it had additional 2.864 billion ordinary shares of 50 Kobo each per share on its Daily Official List of the Nigerian Stock Exchange. With the listing of the additional shares, the total issued and fully paid-up shares of Sovereign Trust have now increased from 11.364 billion to 14.228 billion ordinary shares.
The ownership of the company is made up of diverse shareholders from a wide range of individuals and institutional investors with a robust board of directors of distinguished personalities as its asset base is over N17 billion.
Following the federal government’s directive on recapitalisation and consolidation which ended on February 28, 2007; Sovereign Trust Insurance Plc was among the licensed companies to underwrite general insurance business having consummated a merger arrangement with the erstwhile Confidence Insurance Plc, Coral International Insurance Company Limited and Prime Trust Insurance Company Limited.
