Mr. Olaotan Soyinka, MD/CEO Sovereign Trust Insurance Plc
*Pays N3.7billion As Claims FY21
BY NKECHI NAECHE-ESEZOBOR-– Amidst the challenges of 2021, Sovereign Trust Insurance Plc said it’s Profit After Tax grew by 42 percent to N974million for the full year 2021, as against N687million recorded in year 2020.
According to statement released by the insurer, Profit Before Tax equally increased from N796million in 2020 to N885million in the year 2021 representing an 11% growth rate.
In the same vein, Gross Premium Written grew to N12.7billion over N11.1billion recorded in 2020 representing a 14.4% increase.
While, Net Premium Income equally grew by 11.2% from the sum of N6.5billion in 2020 to N7.2billion in 2021.
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.
The company is scheduled to hold its 27th Annual General Meeting on Thursday, August 18, 2022.
