Sovereign Trust Insurance PAT hits 97% … holds AGM AUG. 10th
Sovereign Trust Insurance Plc has recorded an improved performance for financial year ended 31st December, 2015 as its Profit After Tax (PAT) recorded 97 per cent surge.
The firm grows its PAT to N582.2 million in the period under review from N294.9 million posted in the comparable period of 2014.
The Managing Director, Mr. Olaotan Soyinka, while making this disclosure opined that the firm has concluded plans for its 21st Annual General Meeting come August 10, 2016 at the Grand Banquet Hall, Civic Centre, Lagos.
According him, the firm has secured approval from relevant regulatory bodies, the National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC) for its accounts and the AGM.
Soyinka said the growth recorded by the in period under review 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% decrease.
The company’s Gross Premium Written, (GPW) in 2015, stood at N7.13 billion.
On the AGM, said that the high point of the Meeting will be the unveiling of the new Chairman of the Board of Directors of the firm, Mr. Oluseun Ajayi, and other members of the newly constituted Board.
Recall that the erstwhile and pioneer Chairman of Sovereign Trust Insurance Plc, H.H. Ephraim Faloughi, and other members of the Board retired on April 7, 2016, after two decades of meritorious service to the organisation.