Sovereign Trust Insurance Plc said it has planned to be at the vanguard of positive changes in the insurance industry through innovations and best-spoke services.
The company’s chairman Dr. Ephraim Faloughi disclosed this at the company’s annual general meeting held in Lagos.
He said, to achieve this, the firm would continue to assess its service platform to ensure they conform to best global standards and are flexible enough to lead positive changes in the industry.
According to him, the company is competing to win and will remain a shining light in the industry by adhering to professionalism and ethical practices.
“We believe we are competing to win and will definitely be at the vanguard of positive changes in our industry as we move into the future.
“The project of building the Sovereign Trust of our dream with huge capabilities to create wealth for shareholders and meet up with expectations of all stakeholders is ongoing and we are confident that this will become reality in the shortest possible time,” he said.
He noted that the wave of entrance of international brands into the Nigerian insurance industry will be a game changer in the way operators serve the market and administration of claims to customers.
“We recognise the rapid changing nature of our customers’ expectations and are aware of the imperative of embracing innovation and sound initiatives towards meeting their needs through bespoke services. This is a precondition to the attainment of our desired leadership of the insurance industry.
“In this light, we will continue to assess our service platform to ensure they conform to the best in terms of global standards and are flexible enough to lead positive changes in the market,” he said.
Faloughi said the firm understands the unprecedented dynamism of the business world; hence its strategic direction will be crafted to proactively envisage the likely opportunities that are inherent in the industry.
On the performance of the company, he said the company headline performance was affected by the combination of the harsh operating terrain experienced in the course of the year and response to several regulatory interventions.
According to him, gross premium for the year ended at N7.2 billion, representing 16 per cent decline over a sum of N8.6 billion recorded in the previous year.
Profit before tax also declined by 62 per cent from N857.8 million recorded in the year 2013 to N326 million for the year ended 2014. In the same vein, profit after tax decreased by 68 per cent to close the year at N294 million from N929 million reported in 2013.
On the future if the company Faloughi said: “We believe that the future of the company is really bright particularly with the implementation of our new business model and deployment of competitive strategies to control better market share and improve our profit level. We will not rest on our oars towards realisation of our industry leadership ambition while keeping the company very profitable.”