·
Holds AGM Nov. 15
Chuks Udo Okonta
The Managing Director Sovereign Trust
Insurance Plc, Wale Onaolapo, has said the company generated a gross premium of
N7.7 billion last year, as against N6.4 billion in 2011.
He noted that the firm’s Profit Before Tax,
(PBT), grew from N513 million in 2011 to N1.58 billion last year, while the total
assets stood at N7.1 billion at the end of the financial year as against N6.1
billion in 2011.
Onaolapo in a statement reiterated the
company’s unwavering commitment to creating value to both Shareholders and
Stakeholders alike.
He said the firm having met all the
stipulated requirements outlined by the National Insurance Commission (NAICOM)
in line with the new International Financial Reporting Standard (IFRS), coupled
with the approval from the Nigerian Stock Exchange (NSE), is now set to host
the 18th Edition of its Annual General Meeting (AGM) slated for
November 15, 2013, at the Grand Banquet Hall of the Civic Centre, Lagos by
11am.
He said: “The path through the adoption of
the International Financial Reporting Standard was not without its challenges
but with the perseverance and doggedness of every member of staff, we were able
to overcome and succeed as a team.
“Amidst all these, our 2012 performance is
quite commendable. Although, we would have loved to achieve more, but we are
grateful for all that we were able to accomplish in the previous year.
He noted that the underwriting firm will
continue to deliver on all promises made and live up to actualising its vision
of “becoming the leading brand providing insurance and financial services of
global standards” in no distant time.
The company’s Spokesperson and Head,
Corporate Communications and Brand Management, Segun Bankole, said: “The
journey to getting the 2012 Accounts of the company approved by the Industry’s
primary Regulatory Authority has been quite an experience and there is every
reason to be thankful for a successful outcome at the end of the day.”
He
said the lessons learnt from the whole process cannot be undermined just as the
company is committed to operating under very ethical and professional standards
as far as the Industry is concerned. While thanking the numerous Shareholders
for their support and understanding during the approval period, he also
solicited for the continued patronage of its esteemed customers in the years
ahead.
Bankole maintained that despite the
challenges in the market during the year under review, the company in its usual
stride of wanting to create exceptional value for its teeming shareholders
upheld an upward growth in the performance of its 2012 result when compared to
2011.
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