Tag: Sovereign Trust Insurance Plc

As the world marks the International Men’s Day, Sovereign Trust Insurance Plc, has described the male employees of the underwriting firm as the very rudder responsible for steering the ship of the organisation to greatness in the quest for achieving excellence in every area of the company’s operations.

The Managing Director/CEO, STI, Mr. Olaotan Soyinka, eulogised his male at a special session organised for them in commemoration of the International Men’s Day.

He said: “It has been a very elating experience for me having worked with you colleagues over the span of two decades that you have all stood the test of time even in the midst of those turbulent periods that one would have thought would consume us but alas, we have on every occasion come out unscathed.

“No doubt, we have been so blessed as an organisation to have the crop of men like you running the affairs of our great companies in the last 30 years. You have all proven that you are men of valour and grit in the most professional manner that anyone can think of”, he stated.

The Executive Director, Finance and Corporate Services, Kayode Adigun, expressed appreciation on behalf of the male employees in the organization and particularly to the MD for providing instructive leadership worthy of emulation. “From the day I joined the organization, I have never had any reason to doubt the capabilities and enormous potentials that my male colleagues have in their arsenal. The teamwork and cooperation have been quite phenomenal both from the male and female counterparts of the organization.”

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He equally enjoined his colleagues to also respect and honour their female counterparts as they are also a formidable force in the journey to attaining service excellence in the comity of insurance companies in the country.

He expounded on one of the core values of the organization which borders on Teamwork and reiterated that what the company has been able to achieve till date despite all the seeming challenges in the Nigerian business landscape and the insurance industry in particular, can only be attributable to that very germane core value of teamwork and respect for one another within the organization.

Sovereign Trust Insurance Plc has announced that the company’s 30th Annual General Meeting will be held on Thursday, September 25, 2025 in Lagos.

This is coming just after the underwriting firm secured the approval of the National Insurance Commission, NAICOM and Nigerian Exchange Limited (NGX), respectively.

The company’s Spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole, made this known at a press parley with newsmen in preparation for the AGM.

He said: “The journey to getting the 2024 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.

“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”.

He noted that despite the improved macroeconomic climate and challenges introduced by the adoption of the new financial reporting standards, STI recorded a landmark year in 2024.

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“This has been driven largely by strategic execution, prudent risk management, and operational resilience. Insurance revenue surged by 109.3per cent, rising from N19.3 billion in 2023 to N40.4 billion in 2024. This growth shows an increased market penetration and the positive impact of the company’s reengineering initiatives.

“In fulfilling its commitment to policyholders, the company paid a total of N4.3 billion in claims compared to the claims payout of N3.3 billion in the prior year”. 

The Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka, reiterated the company’s unwavering commitment to creating value to both shareholders and stakeholders alike.

“The path through the adoption of the International Financial Reporting Standard (IFRS17) 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”.

Sovereign Trust Insurance Plc has shown a consistent rise in its revenue generation in the unaudited second quarter result released on the floor of Nigerian Exchange Limited (NGX).

The firm generated a total N34billion in the second quarter of 2025, compared to the sum of N23.5billion that was recorded in the same period in 2024, representing a growth rate of 45per cent.

This was made known in a statement signed by the Deputy General Manager, Corporate Communications & Investor Relations, Segun Bankole.

According to him, the second quarter performance indicates that the underwriting firm is very much on course with meeting the aspirations of its various shareholders in the days ahead.

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He said: “Investments Return for the second quarter grew from N446.4million in the same corresponding period in 2024 to N1billion in the same period in 2025, representing a 130per cent growth rate.

“Profit before Tax also increased by 36 per cent from N1.1billion in the second quarter of 2024 to N1.5billion in the same corresponding period of 2025, while Profit after Tax increased by 20per cent from N941.6million to N1.3billion in the second quarter of 2025.

“The company’s total assets grew by 14 per cent moving to N27.7billion in the second quarter of the year as against N24.4billion that it was in the same corresponding period of 2024.

“The total liabilities witnessed a 20 per cent surge from N10.1b in June of 2024 to N12billion in June 2025 while Total Equity of the Company grew by 10 per cent from N14.3billion in the second quarter of 2024 to N15.7billion in the same corresponding period of 2025.

“Meanwhile, basic earnings per share, (kobo) increased by 42 per cent from 7 kobo in the second quarter of 2024 to 10 kobo in the same period of 2025. Undoubtedly, the firm is poised to continue in its growth trajectory and is doing all to ensure that the shareholders and stakeholders are delighted at every point in time”, he added.