Business

STI records N8.5 billion industry premium

Company Secretary,Sovereign Trust Insurance Plc Toyin Akano(left) Chairman, Oluseun Ajayi and Managing Director/Chief Executive Officer, Olaotan Soyinka  at the company’s 23rd Annual General Meeting held in Lagos.

Sovereign Trust Insurance Plc (STI) recorded Gross Premium Written (GPW) of N8.5 billion in 2017, a 33 per cent increase over the N6.3 billion recorded in 2016.
 
The Chairman, Oluseun Ajayi, who stated this at the company’s yearly meetings in Lagos, noted that the net claims expenses for 2017, was N1.3 billion, a 9.5 per cent improvement over the N1.44 billion recorded in 2016.
 
According to him, the company also recorded a Profit Before Tax (PBT) of N202 million as against N44 million recorded in 2016, representing over 351 increase, while Profit After Tax (PAT) stood at N157 million, a 569 per cent increase, against N23 million recorded in 2016.

 
He noted that Return on Capital Employed (RoCE) recorded a positive performance of 1.87 per cent, compared with 0.47 per cent in the previous year and Investment income rose by 41.6 per cent from N286 million in 2016 to N406 million in 2017.
 
Ajayi posited that the firm’s total assets rose from N9.5 billion to N10 billion representing 13.7 per cent increase.
 
Shareholders of the company, however, applauded the board and management of the firm for posting good financial results, whilst urging them to do more.
 
The President of Greenish Shareholdes’ Association,  Pastor Williams Adebayo, commended the company for improving its performance in the year under review compared to that of 2016.
 
He said the nod to raise more capital was given to enable the company become one of the top five insurance companies through optimal performance and called for extension of Tier-Based recapitalisation model newly evolved by NAICOM.


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