Sovereign Trust Insurance (STI) Plc, one of the leading insurance companies in Nigeria is committed to providing insurance and financial services of global standards. Its mission is to enhance the everyday life of her customers through innovative insurance and financial services, while creating exceptional value for the shareholders.
Having set out operations in 1995, Sovereign Trust Insurance Plc has continued to live up to its obligations in terms of providing value for its teeming customers with regards to claims settlement which has today, defined the underwriting Firm as one of the leading insurance companies in the Industry. A testament to this fact showed that the company paid a whooping sum of N13.3 billion as claims over a period of five years between 2016 and 2020, underscoring its strong financial ability and undeterred commitment to guarantee its customers peace of mind while they go about their various businesses without fear of any sort.
Olaotan Soyinka, managing Director/CEO, Sovereign Trust Insurance Plc commenting on the claims history said it is in the policy of the company to pay all genuine claims promptly, stating that claims settlement is one of the paramount reasons the company is in business.
Soyinka said, “We take claims payment as a priority in our company and that is why we have remained trusted by our clientele and our broker partners who have continued to do business with us over the past years”.
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He said insurance is about building trust and confidence, and that is why customers who benefit from our service go ahead to recommend us to other customers without us even knowing.
He added that the company has built capacity to continually meet customers’ obligations in terms of offering quality products and settling all genuine claims promptly to the satisfaction of customers.
Olaotan Soyinka said to achieve this excellence in customer service, the company has invested heavily in technology that ensures customers from any part of the world are able to file their claims, track the processing and get paid without a one- on-one encounter with staff.
According to him, this applies to all lines of the business, except for those that requires loss adjusters’ involvement and in some other extenuating circumstances.
Commenting also on the intent of the organization as regards claims settlement, Jude Modilim, executive director, Technical Operations said, “there is no compromise to genuine claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises.”
“That to us is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country. We intend to uphold this obligation and we will always continually strive to make good our promise, Modilim added.
Meanwhile, its Gross Premium Written rose to N11.12 billion in 2020 as against N10.3billion recorded in 2019. The net premium Income grew by 10 percent from N5.9billion in 2019 to N6.5billion in 2020.
The net underwriting income also grew by 9.7 percent from N6.9billion in 2019 to N7.6billion in 2020. This performance resulted in a Profit Before Tax of N796 million and a Profit After tax of N688 million in 2020, a 37 percent increase when compared with the sum of N503million recorded in 2019.
The size and quality of the Company’s balance sheet equally improved as its total assets increased from N13.4 billion in 2019 to N14.8 billion in 2020 representing 10.5 percent growth.
Similarly, the earnings pershare also improved by 33 percent from 6 kobo in 2019 to 8 kobo in 2020. Furthermore, the Return on Capital Employed (ROCE) of the company recorded a positive performance of 8.1 percent in 2020 as against 5.6 percent achieved in the corresponding year of 2019, while the Investment and other income grew by 27 percent from N468 million in 2019 to N622million in 2020.
Currently operating with an authorized share capital of N7.5 billion and a fully paid-up capital of N5.7 billion, Sovereign Trust has shareholders’ funds of over N8.6 billion and asset base of N14.8 billion respectively.
The ownership of the company is made up of diverse shareholders from wide range of individuals and institutional investors with a robust Board of Directors of distinguished personalities.
Following the Federal Government’s directive on recapitalization and consolidation which ended on 28th February 2007, Sovereign Trust Insurance Plc was among the licensed companies to underwrite general insurance business having consummated a merger arrangement with the erstwhile Confidence Insurance Plc, Coral International Insurance Company Limited and Prime Trust Insurance Company Limited.
From inception, the company moved from an average industry rating to a leading position, investing in the best of people and technology, improving on processes, growing market share at an average annual growth rate of 30 percent, and expanding its balance sheet size.
The company continuously strives to be amongst the top five insurance companies in Nigeria, being driven by a board of Directors that is made up of reputable individuals that have distinguished themselves in different fields of endeavor.
With Head Office located on 17, Adetokunboademola Street, Victoria Island, Lagos and other Area and Branch offices spread across the country, the Company’s day- to- day operations are manned by well experienced and vibrant workforce.
