Lagos Curfew: Sovereign Trust Insurance Plc postpones 2019 AGM
Mr. Olaotan Soyinka, MD, Sovereign Trust Insurance
Sovereign Trust Insurance Plc. has announced the postponement of its 2019 Annual General Meeting (AGM) earlier scheduled for Thursday, October 22, 2020.
A statement from the firm, signed by its spokesperson, Segun Bankole, said a new date, for the AGM will be communicated soon.
The statement stated that the postponement of the AGM became inevitable due to the curfew imposed by the Lagos State Government in response to the prevailing security situation in the state.
The firm said it regretted any inconveniences arising from the postponement.
Sovereign Trust Insurance, in 2019, recorded N10.8 billion Gross Premium Written representing a 3% increase over the N10.5 billion recorded in 2018 with the net premium Income equally growing by 18% to N5.9 billion over the sum of N5.0 billion recorded in the corresponding year.
The company also recorded a Profit Before Tax of N819million as against N541million recorded in year 2018 or over 52% increase. Profit after tax also stood at N503million, or 46% increase when compared with the sum of N344million recorded in 2018 while the Return on Capital Employed (ROCE) showed a positive performance of 9.2% as against 8.0% achieved in the corresponding year of 2018.
The company’s Investment income rose by 20.8% from N388million in 2019 to N469million in 2018, even as the size and quality of the balance sheet equally improved as total assets rose from N11.3billion to N13.4billion representing a 19% increase while earning per share improved by 42% from 4.13kobo to 5.86kobo.
The Chief Spokesperson of the Organization, Mr. Segun Bankole shared this information yesterday in Lagos while briefing newsmen in preparation for the 25th Annual General Meeting of the Underwriting Firm.
The company, no doubt showed great resilience amidst the various challenges that characterized the operating environment in the year 2019.
He said, there is every reason to be appreciative to all the Shareholders and customers of the Organization who had shown great level of commitment and patronage to the Company since inception 25 years ago. According to him, this year’s Annual General Meeting is a remarkable one as the Company celebrates her 25th anniversary in the Insurance Industry in Nigeria.
Amidst the vicissitudes of 2019, the company ended the financial year under review with a great sense of optimism that the days ahead will continue to look brighter and better.
The Managing Director and Chief Executive Officer of the company, Mr. Olaotan Soyinka while commenting on the company’s performance attributed it to the commitment shown by every member of staff who he described as the Drivers of the organization coupled with the fact, that the company’s Management is also dedicated to ensuring that the company takes its place of pride in the Industry.
According to him, “it is a statement of fact that we want to be a leading brand in the Insurance Industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure.” Our 2019 performance was not fortuitous, we worked towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing serious premium on corporate governance and ethics of the business.
