Sovereign Trust Insurance posts N8.67bn GPI

From left: Managing Director/Chief Executive Officer Sovereign Trust Insurance Plc, Wale Onaolapo; Chairman of the Company, Dr, Ephraim Faloughi and the Vice Chairman of the Company Oluseun Ajayi during the AGM held  in Lagos.

 

The Board  of Directors Sovereign Trust Insurance Plc on Friday announced that it has paid a total of N1.751billion as claims for the financial year ended December 31, 2013, while it recorded a Gross Premium Income (GPI) of N8.67 billion.

The Chairman of the Company Dr, Ephraim Faloughi disclosed this during the company’s 19th Annual General Meeting (AGM) held in Lagos that the claims settlement rose from N920.424million in 2012 to N1.751billion in the review period of 2013, this indicating an increase of  90 per cent.

From Left: The Chairman of Sovereign Trust Insurance Plc, H.H. Ephraim Fagha
Faloughi, OON, MD/CEO, Mr. Wale Onaolapo and the Vice Chairman, Seun
Ajayi at the 19th Annual General Meeting of the company held in Lagos.


While gross premium appreciated by 12 percent from N7.742billion at the end of 2012 to N8.673billion at the close of business December 31, 2013, noting that total asset rose from N7.113billion in 2012 to N8.649billion December 2013, this representing an increase of 22 per cent.

However the company’s profit dropped by 166 per cent from N1.476billion in 2012 to N 346.340million in the review period of 2013.

Speaking on the financial performance, the chairman assured shareholders  that they will do better to ensure better profit and dividend for shareholders in 2015.

On future of the industry, he said that they will continue to deploy it resources in line with its strategic blueprint to produce more innovative and bespoke products that will continue to meet the needs and aspiration of its customers.