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Published On: Sun, Nov 2nd, 2014

STI settles N1.75bn as claim in 2013

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Sovereign Trust Insurance Plc has settled claims worth N1.751billion in 2013.

Speaking while addressing shareholders at the company’s 19th Annual General Meeting (AGM) in Lagos, the Company’s Chairman, Dr, Ephraim Faloughi disclosed that the claims settlement rose from N920.4 million in 2012 to N1.751billion in the review period, thus indicating an increase of 90 percent.

While gross premium appreciated by 12 percent from N7.742billion at the end of 2012 to N8.673billion at the close of business December 31, 2013, noting that total asset rose from N7.113billion in 2012 to N8.649billion December 2013, this representing an increase of 22 percent.

However the company’s profit dropped by 166 per cent from N1.476billion in 2012 to N 346.340million in the review period of 2013.

Speaking on the financial performance, the chairman assured shareholders that they will do better to ensure better profit and dividend for shareholders in 2015.

On future of the industry, he said that they will continue to deploy it resources in line with its strategic blueprint to produce more innovative and bespoke products that will continue to meet the needs and aspiration of its customers.


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