The insurance company to trust at all times
By KELVIN EGERUE
William Shakespeare in the book Twelfth Night aptly challenged the ingenuity of men and institutions when he said; ”Be not afraid of greatness; some are born great, some achieve greatness, and some have greatness thrust upon them”.
As one of the leading insurance companies in today’s Nigerian insurance industry, Sovereign Trust Insurance Plc had resolved from its commencement of business in January of 1995 to be a very successful financial institution offering insurance and risk management services. To achieve these, Sovereign Trust Insurance had set out early enough to function as an extra ordinarily innovative insurance company which is responsive to customer needs in the areas of product lines and prompt claims settlement.
Sovereign Trust imbibed what was said in The Ladder of Saint Augustine that “the heights by which great men reach and kept were not attained by sudden flight, but they, while their companions slept, were toiling upward in the night”. Sovereign Trust is by every standard of measurement a very successful underwriting company with every segment of its stakeholders willing to pass vote of confidence on the company and its managers.It is not surprising therefore that a rating agency; Global Credit Rating (GCR) had rated the company A- for 10 consecutive years covering 2007 to 2015.
“Our success tracks involve timing, technology and trust. Strategic timing helps form keys for our tech build-ups, connectedness and efficiencies. Consistent strategies earn us your trust. With each accomplishment-trust grows, our speed ascends and confidence soars. Our passion fuels our up and onward trajectory. Our track record is the surety that we will always arrive each targeted destination”, the Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc Mr. Olaotan Soyinka had declared.Sovereign Trust Insurance which parades a long list of top notch professionals on its management has the vision of standing out as the leading brand providing insurance and financial services of global standards.
MR. Soyinka insists that “Our mission is to enhance the everyday life of our customers through innovative insurance and financial services while creating exceptional value for our shareholders”
Sovereign Trust Insurance has find unique ways of packaging its products and services to the delight of its individual and corporate clients just as the company’s highly interactive technology base enables clients to access its products real time, online.As a non-life insurance company, Sovereign trust is on top of the game when it comes to Marine and Aviation insurance, Motor insurance whether comprehensive or third party policies, special risks insurance in the areas of oil and gas, Builders Liability, Healthcare professional indemnity, Occupiers’ Liability and the very innovative scheme tagged Sovereign Wellbeing Insurance Scheme for the Family (SWIS-F).
Our products have been packaged for marketing to the public sector as well as various manufacturing, industrial and commercial concerns. Financial institutions such as banks,mortgage and stock broking firms are also being offered some of these products. Sovereign Trust Insurance also provides comprehensive risk management services. The company carries out various risk surveys and makes appropriate recommendations towards risk improvement and minimization of loss impacts” the company’s chief executive officer further remarked.
When most of the insurance companies in Nigeria are struggling to remain afloat, sovereign Trust is busy perfecting the scheme on raising the bar of corporate performance higher.
Sovereign Trust in 2017 business year improved its gross profit by a whopping 351 per cent as it moved the figure from its 2016 level of N44 million to N202 million in 2017. Net profit increased by 569 per cent as it appreciated from the 2016 mark of N23 million to N157 million. Return on capital employed recorded a positive growth during the period under review just as investment income grew by 41.6 per cent over the 2016 figure. The company’s total assets rose from N9.5 billion in 2016 to N10.8 billion last year representing 13.7 per cent increase.
The company is not known to shy away from its claims payment obligations as the net claims paid in 2017 N1.3 billion. It was the efficiency on the part of company’s management that accounted for the 9.5 per cent decrease in the volume of claims paid for the period under review considering the N1.44 billion was paid in claims in 2016.
“With this results, the resilience of our brand has once again been brought to the fore with proven capability to substantially increase our level of profitability. This performance could not have been achieved without the efforts of the unified Sovereign Trust team and our commitment to structured business strategies aimed at aggressive revenue generation and cost curtailment” chairman of the company Mr. “Seun Ajayi had told stakeholders of sovereign trust Insurance at the company’s 23rd annual general meeting which held in September, 2018.
Sovereign Trust Insurance Plc is set again to raise its standard of services and product with the shareholders approving an increase in the company’s authorized share capital from N7. 5 billion to N10 billion. Consequent upon this, the shareholders have empowered the directors to raise additional equity capital of the company up to the maximum limit of its authorized capital whether by way of special placement or public offer.
Mr. Soyinka who is an erudite and well grounded insurance professional is already envisaging an over subscription in the share offer when it was eventually made open. His over 20 year’s cognate experience is enough yardsticks to justify his confidence.
Soyinka who joined Sovereign Trust Insurance in March of 1998 is following a tradition of articulate managers to have managed the affairs of the company, a standard set by the company’s pioneer Managing Director Mr. ‘Seun Ajayi who now prides himself as Chairman of Sovereign Trust Insurance Plc.
Mr. Olaotan Soyinka is not alone in guiding Sovereign Trust Insurance Plc to stardom. He enjoys the support and expertise of his colleagues on the management cadre which include Mrs. Ugochi Odemelam who is the Executive Director in charge of marketing and business development, Mr. Jude Modilim who is the Executive Director technical as well as Mr. Kayode Adigun who is the General Manager and Divisional Head, Finance and Corporate Services. Mr. Sanni Oladimeji, Segun Bankole, Olalekan Oguntunde, Emmanuel Akinkibe, Mohammed Bako Alfa, Samuel Oseni, Tajudeen Rufai and Angela Uche-Onochie among others are part of the Sovereign Trust Insurance Plc’s winning team.
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