Sovereign Trust Insurance (STI) Plc is set to host the 21st edition of her Annual General Meeting (AGM) on August 10, 2016 at the Grand Banquet Hall, Civic Centre, Lagos, having been granted approvals for its 2015 annual reports and accounts by the National Insurance Commission (NAICOM) and the Nigerian Stock Exchange (NSE).
STI’s Managing Director, Olaotan Soyinka, disclosed this at a media parley in Lagos, stressing that the highpoint of the event will be the unveiling of the new Chairman of the Board of Directors in the person of Oluseun Ajayi and other members of the newly constituted Board.
It would be recalled that the erstwhile and pioneer Chairman of Sovereign Trust Insurance Plc, Ephraim Faloughi, and other members of the Board retired on April 7, 2016, after two decades of meritorious service to the organisation.
In spite of the economic challenges experienced in the operating environment during the period under consideration, the underwriting firm continued to sustain its strong growth trail on Profit After Tax (PAT) recording a 97 per cent growth from N294, 943 million in 2014 to N582,209 million in 2015. This was achieved as a result of the cost reduction mechanism adopted by the company, in which, management expenses reduced to N1.425 billion against N1.490 billion in the previous year with a 4.6 per cent decrease. The company’s Gross Premium Written, (GPW) in 2015, stood at N7.13 billion.
Soyinka reiterated the company’s commitment and determination to getting the organization back to sustainable profitability in the years ahead.
He will be leading the Management Team for the first time to the 21st annual general meeting as a member of the Board of Directors as well.