STI shareholders approve creation of 5bn Ordinary Shares
L-R: Company Secretary, Toyin Akano, Chairman, Mr. Oluseun Ajayi, Managing Director/CEO, Mr. Olaotan Soyinka and Executive Director, Marketing and Business Development, Ugochi Odemelam all of Sovereign Trust Insurance Plc at the company’s 23rd Annual General Meeting held in Lagos.
Shareholders of Sovereign Trust Insurance Plc have approved the creation of additional five billion Ordinary Shares of fifty kobo each ranking paripassu in all respect with the existing Ordinary Shares of the company.
With this approval by the shareholders, the company’s Authorised Share Capital will increase from N7.5 billion to N10 billion.
The resolution for this approval was passed today in Lagos during the Special Business transaction at the company’s 23rd Annual General Meeting.
In his statement, as contained in the company’s Annual Report and Accounts 2017, the Chairman of the Company, Mr. Oluseun O. Ajayi, said the company is embarking on a five year strategic journey that will see the company pride itself among the top five insurance companies in terms of revenue and profitability in the industry by the year 2022.
On the company’s operating results, Mr. Ajayi said in 2017, the was able to record Gross Premium Written of N8.5 billion representing a 3 per cent increase over the N6.3 billion recorded in 2016.
Net Claims expenses of the company in 2017; according to him, was N1.3 billion which is a 9.5 per cent improvement over the sum of N1.44 billion recorded in 2016 which he attributed to efficient claims management.
“In the same vein, the company recorded a Profit Before Tax of N202 million as against N4.4 million recorded in year 2016 representing over 352 per cent while Profit Before Tax stood at N157 million or 569 per cent increase as against N23 million in 2016,” he said.
Mr. Ajayi said the Return on Capital Employed (ROCE) recorded a positive performance of N1.8 per cent as against 0.4 per cent achieved in the same period of 2016 just as investment income increased by 41.6 per cent to N406 million in 2017 over N286 million achieved in 2016.
He said the company’s total assets rose from N9.5 billion in 2016 to N10.8 billion in 2017 representing 13.7 per cent increase.
Shareholders at the AGM also approved the appointment of two Executive Directors for the company. The two new Directors are Messrs. Jude Modilim and Niyi Odusi, Executive Directors Technical and Executive Director, Branch Operations and Business Development respectively.
