The unaudited results reflect stronger earnings, improved insurance service performance, higher investment returns and a substantially strengthened balance sheet. The performance signals meaningful progress in the Company’s drive to build a resilient, competitive and growth-focused insurance business.

Q3 2026 PERFORMANCE AT A GLANCE

A key feature of the period was the improvement in the Company’s core insurance service result, which increased by 9% to ₦1.853 billion from ₦1.707 billion in the corresponding period of 2025. This improvement was achieved even as reported insurance revenue moderated to ₦32.314 billion from ₦40.134 billion, underscoring the importance of stronger service-result contribution and disciplined management of insurance-related costs.

Insurance service expenses reduced to ₦14.349 billion from ₦18.307 billion, while net expenses from reinsurance contracts held declined to ₦16.112 billion from ₦20.119 billion. These movements supported the stronger insurance service result and point to progress in managing the cost and risk structure of the underwriting portfolio.

Investment return increased by 26% to ₦1.731 billion, compared with ₦1.377 billion in the prior-year period, providing an important additional contribution to earnings. Total assets expanded by 69% to ₦41.272 billion, while total equity rose by 50% to ₦21.526 billion.

Cash and cash equivalents stood at ₦15.934 billion at 30 September 2026, compared with ₦5.063 billion at 30 September 2025. Net cash flows from operating activities increased to ₦664.5 million from ₦175.8 million. The cash flow statement also reports proceeds of ₦5.022 billion from the issue of share capital during the period.

The Company’s reported insurance revenue reflects activity across a broad range of non-life insurance classes, including Energy, Motor, Fire & Property, Marine, General Accident, Contractors’ All Risks & Engineering, Bond and Aviation. Energy contributed approximately ₦10.659 billion of reported insurance revenue, followed by Motor at ₦6.406 billion, Fire & Property at ₦5.174 billion and Marine at ₦3.205 billion. This spread across personal, commercial and specialist risk categories provides a platform for serving a wide range of customer protection needs.

According to the Head, Corporate Communications & Corporate Planning, Mensah Simon, the Company’s improved earnings and expanded balance sheet reinforce its commitment to building a dependable insurance partner for individuals, businesses and institutions. For brokers, agents and business partners, its diversified product capabilities and branch footprint provide opportunities to deepen relationships and deliver tailored risk-protection solutions. For shareholders and the investment community, the substantial year-on-year improvement in profit, equity and asset base demonstrates positive financial momentum.

The Company remains focused on strengthening underwriting performance, growing quality business and sustaining prudent risk management. It will continue to pursue customer-centred service, operational effectiveness and long-term value creation.

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This feat has reinforced the Company’s financial strength and commitment to long-term growth.

The achievement marks another significant milestone in the Company’s journey of building a stronger, more resilient and future-ready insurance business, while positioning it to take advantage of emerging opportunities within Nigeria’s evolving insurance market.

Commenting on the development, the Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, Dr. Lucas Durojaiye, said the Company’s achievement reflects the confidence of its shareholders and stakeholders in its strategic direction and growth prospects.

in his words, “Meeting the new recapitalisation requirement is a significant milestone for Sovereign Trust Insurance Plc. It demonstrates the strength of our business, the confidence of our shareholders and our commitment to maintaining the highest standards of financial capacity and corporate governance.”

“We remain focused on delivering sustainable value to our policyholders, shareholders, brokers, agents and other stakeholders, while leveraging technology, innovation and customer-centric solutions to deepen insurance penetrationacross Nigeria.”

The Company noted that the recapitalisation milestone provides a stronger platform to support its strategic ambitions, enhance underwriting capacity and participate more effectively in opportunities across key sectors of the Nigerian economy.

According to the MD/CEO, the Company’s focus will remain on sustainable growth, prudent risk management, operational efficiency, digital transformation and superior customer experience, while maintaining a strong commitment to regulatory compliance. The achievement also underscores Sovereign Trust Insurance Plc’s confidence in the future of the Nigerian insurance industry and its determination to contribute meaningfully to the development of a stronger, more inclusive and resilient insurance sector.

Sovereign Trust Insurance Plc has over the years demonstrated an uncompromising stance on professionalism providing a broad range of general insurance solutions to individuals, businesses and institutions. The Company is committed to delivering innovative, reliable and customer-focused insurance solutions while creating sustainable value for all its stakeholders.

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It would recalled that the commission today released names of 43 insurance companies that met the recapitalization deadline set by the commission which was 31st July,2026.

The company disclosed this in a notice to Nigerian Exchange Plc, and signed by its managing Director, Dr. Lucas Adekunle Durojaiye.

The notice further reads: “We want to use this medium to allay any fears or doubts that might nave arisen as a result of the publication of August 3, 2026, by NAICOM. Please b e rest assured that Sovereign Trust Insurance Plc is still i n the process of concluding the administrative aspect of the recapitalization exercise and the Company will soon be joining the league of insurance companies that have successfully concluded the verification
exercise i n due course.

“To further emphasize our financial footing and readiness for the next phase of the
insurance sector in the country, we are pleased t o share our capital metrics as of this moment. The Company’s admissible assets over admissible liabilities as at December
31, 2025 was N10,886,234,000.00. The Company’s Rights Issue which ended on June
10, 2026, and as approved by Security and Exchange Commission (SEC) was successful with over N 6.6 billion realized from the Rights Issue which technically takes the Company beyond the minimum capital requirement under the Nigerian Insurers Industry Reformed Act. The Company’s total equity stands at over N22 billion.

“This final verification stage is a standard procedural step, and our inclusion amongst
the 8 undergoing final verification is a testament to the rigorous financial restructuring
and strategic capital mobilization we have undertaken to meet NAICOM’s stringent
m a n d a t e s .

The company however reassured that further  updates will be communicated promptly upon receiving our final clearance certificate from NAICOM.

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The remittance was completed ahead of the May 31, 2026 deadline, following directives from the National Insurance Commission (NAICOM) requiring all domestic insurance companies to deposit 10% of their regulatory minimum capital with the apex bank.

The regulatory mandate aligns with the provisions of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA), which seeks to strengthen the capacity, resilience, and competitiveness of insurance operators across the country.

This financial milestone comes on the heels of the underwriting firm opening a N5 billion Rights Issue on May 4, 2026, aimed at raising additional capital from existing shareholders.

The capital raise involves the sale of over 2.5 billion ordinary shares at N2.00 per share, issued on the basis of three new ordinary shares for every 17 shares held as of March 17, 2026.

The Rights Issue is expected to close on June 10, 2026, further bolstering the company’s capital restructuring efforts.

Dr. Lucas Durojaiye, Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, stated that fulfilling the N1.5 billion deposit requirement represents a vital step in the company’s growth journey.

He noted that the achievement demonstrates an unwavering commitment to regulatory compliance and financial solvency, allowing the firm to compete favorably within the Nigerian insurance space and beyond.

According to Durojaiye, the timely remittance reinforces the confidence of shareholders, policyholders, and business partners in the company’s ability to consistently meet its long-term obligations while creating sustainable value.

Moving forward, the company remains focused on building a more resilient institution by pursuing strategic initiatives aimed at expanding market reach, enhancing operational efficiency, and driving product innovation.

Sovereign Trust Insurance Plc reiterated its commitment to meeting all applicable regulatory frameworks within stipulated timelines while maintaining its market reputation for professionalism, prompt claims settlement, and sound corporate governance.

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The company’s Managing Director and Chief Executive Officer, Dr. Lucas Durojaiye, said the capital raise is part of STI’s broader strategy to reinforce its financial stability, improve operational capacity and secure a stronger position within the insurance market.

According to him, the Rights Issue will help the underwriting firm exceed the recapitalisation benchmark introduced under the Nigeria Insurance Industry Reform Act (NIIRA) 2025 while enhancing the company’s ability to meet claims obligations and sustain long-term growth.

Durojaiye explained that the company’s current asset base stands above ₦27 billion and noted that the additional capital injection from the Rights Issue and strategic investors would further strengthen the firm’s financial standing.

He also stated that the fresh funds would support technology upgrades, expansion of digital insurance platforms and the development of innovative insurance products targeted at emerging risks and underserved sectors of the economy.

The STI boss added that the company plans to expand its market presence and improve service delivery through enhanced digital channels, including online policy processing and claims management systems.

“Our strategy is focused on building a stronger and more competitive insurance company. A robust capital base is critical to achieving our growth objectives and positioning Sovereign Trust Insurance among the top players in the Nigerian insurance industry,” Durojaiye said.

He urged shareholders to fully subscribe to the Rights Issue, describing it as an opportunity to strengthen their investment in the company while supporting its long-term expansion plans.

The Rights Issue is currently open to existing shareholders, with application forms available through licensed stockbrokers and the company’s investor platform.

The post Sovereign Trust Insurance Targets Growth With ₦5.02bn Offer appeared first on Business Today NG.

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According to details in the rights circular, the insurer is offering 2.51 billion ordinary shares of 50 kobo each at ₦2.00 per share. The offer is structured on the basis of three new shares for every 17 shares held by shareholders whose names appeared in the company’s register as of March 17, 2026.

The rights issue will be tradable on the floor of the Nigerian Exchange Group, providing shareholders with flexibility to either take up their rights or trade them within the offer period.

The acceptance window opened on May 4, 2026, and is scheduled to close on June 10, 2026. During this period, shareholders are expected to complete acceptance and payment in compliance with regulatory guidelines.

Provisional allotments will be made based on existing shareholdings, while any shares not subscribed to by the close of the offer will be redistributed among interested investors, in line with rules set by the Securities and Exchange Commission.

Successful applicants will have their shares credited electronically to their Central Securities Clearing System (CSCS) accounts, while share certificates will be issued to investors without CSCS details.

The company advised shareholders who do not receive their rights circulars to contact their stockbrokers or registrars promptly for assistance.

Key advisers to the transaction include Cordros Securities Limited as lead stockbroker, Cordros Advisory Services Limited as lead issuing house, and Meristem Registrars and Probate Services Limited as registrars.

Sovereign Trust Insurance noted that the capital raise forms part of its broader strategy to reinforce its financial position and expand operational capacity in the evolving insurance market.

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The company disclosed this at a signing ceremony involving all transaction parties held at its corporate head office in Victoria Island, Lagos. The event signalled the conclusion of all internal processes and professional engagements required for the Rights Issue.

With the structuring phase completed, shareholders of Sovereign Trust Insurance Plc will now have the opportunity to subscribe to 2,510,848,144 ordinary shares of 50 kobo each at N2.00 per share, on the basis of three new ordinary shares for every existing holding.

The management urged shareholders to take full advantage of the offer, noting that the Rights Issue presents an opportunity to increase their stake in the company and benefit from its projected growth.

According to the Managing Director/Chief Executive Officer, Lucas Durojaiye, the company has set an ambitious growth agenda aimed at positioning itself among the top five insurance firms in Nigeria.

He noted that a strong capital base remains critical to achieving this objective, adding that full participation in the Rights Issue would strengthen the company’s capacity for expansion and long-term value creation.

“In achieving this aspiration, we have identified that a very robust capital base is critical to the success of the set agenda. We therefore call on our shareholders to fully exercise their rights and subscribe to the Rights Issue,” he said.

Durojaiye added that Sovereign Trust Insurance Plc is positioning itself to become one of the most preferred insurance companies in Nigeria, both as a service provider, an investment choice, and an employer of choice.

The Rights Issue forms part of broader efforts by the insurance sector to strengthen capitalisation, enhance competitiveness, and align with regulatory reforms under NIIRA.

The post Sovereign Trust Insurance Advances Expansion Plans with N5bn Rights Issue Signing appeared first on Business Today NG.

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According to notice filed by the insurer to The Exchange, the profit was supported by strong insurance revenue and steady investment income.

The insurer said it expects insurance revenue to rise to N30.44 billion during the period, underscoring a solid top-line outlook for the quarter.

The company also forecast an insurance service result of N4.68 billion, while investment income is projected at N1.40 billion, reflecting additional support from returns on invested assets.

Despite an estimated management expense of N3.90 billion, the company expects to post a profit before tax of N2.18 billion.

After an estimated tax charge of N653.15 million, the company’s profit after tax is forecast at N1.52 billion.

The outlook signals confidence in Sovereign Trust Insurance’s earnings momentum for the quarter, as the company continues to strengthen its underwriting and investment performance.

At the close of trading on April 15, shares of Sovereign Trust Insurance Plc appreciated by 8 kobo, closing at N2.00 per share, compared with the N1.92 at which the stock opened the trading session.

The gain reflects renewed investor interest in the counter, with the stock ending the day firmly in positive territory on the Nigerian Exchange

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