Sovereign Trust Insurance Declares N582million Profit

Sovereign Trust Insurance, STI Plc has recorded a Profit After Tax, PAT,of N582. 2 million for the 2015 financial year, indicating a 97 per cent growth on the N294. 9 million profit the firm made in 2014.

STI Managing Director, Olaotan Soyinka, who made this known to reporters in Lagos, said the underwriting firm would hold its 21st Annual General Meeting (AGM) on August 10, this year in Lagos.

He said this was coming at a time the National Insurance Commission, (NAICOM) and the Nigerian Stock Exchange (NSE) granted approvals for its 2015 Annual Reports and Accounts.

Soyinka noted that the firm achieved the growth in its profit as a result of the cost-reduction mechanism adopted by the company.

He said management expenses reduced to N1.425 billion against N1.490 billion in the previous year with a 4.6 per cent decrease adding that the company’s Gross Premium Written, (GPW) in 2015, stood at N7.13 billion.

The firm’s MD, however, said the highpoint of the AGM for the firm would be the introduction of the new chairman and directors of the firm.

He said the pioneer Chairman of STI Plc, Eze Ephraim F. Faloughi and other directors retired last April 7, after two decades in the organisation. He reiterated the company’s commitment to sustainable profitability in the years ahead.