The Council Members of the Nigerian Stock Exchange recently gave a unanimous approval to Sovereign Trust Insurance Plc to list on the floor of the capital market shares of the three companies that aligned with the organization during the last recapitalization process. The companies are Coral Insurance, Confidence Insurance and Prime Trust Insurance Company limited respectively.
The Chairman of the Council and President of the Nigerian Stock Exchange, Oba Otudeko commended the Management of Sovereign Trust and the former Managing Directors of the three companies for the spirit of understanding and maturity all parties have exhibited since the completion of the merger. He enjoined them to continually work together for the progress of the company and that of the various stakeholders.
In his words, “we understand perfectly well what you are trying to achieve, and that is compliance in a very respective manner and we are fully in support of it as long as it would engender harmony across board.” He urged the investing public to take advantage of being part owners of one of Nigeria’s upwardly mobile insurance companies by putting their money in a company that offer value for every kobo invested. The additional shares to be listed total N700, 833,333.
In his appreciation address to the Council Members of the Nigerian Stock Exchange, The Managing Director of Sovereign Trust Insurance Plc, Mr. Wale Onaolapo expressed gratitude on behalf of the Board of Directors and Chief Executives of the merging entities. “We are indeed very appreciative of your gesture by unanimously consenting and granting our request. It shows the level of confidence you have in our company. We are also aware of the very crucial role the Securities and Exchange Commission played during the recapitalization exercise. The value brought to play has been very tremendous” he concludes.
Sovereign Trust Insurance Plc recently released its unaudited result for the first quarter ended March 31, 2008. A gross premium of N1.33 billion was recorded as against N605.9 million in the comparative period of 2007. Profit after Tax stood at N268.8 million, compared with N156.6 million in the same period of 2007.
Come July 9, 2008, the company will at its quarterly media parley formally introduce to the Nigerian Insurance market three of its latest products that will give Nigerians unmatched value as it has never been experienced before. The products are STEMIC, Sovereign Trust Enhanced Motor Insurance Cover in the HNI category. The other two products are to serve the retail end of the market. They are, Sovereign Wellbeing Insurance Scheme for the Family, SWIS-F and Easy Trip Insurance Cover, ETIC.