The 13th edition of the Annual General Meeting of Sovereign Trust Insurance Plc will hold on Wednesday, August 12, 2008 at 11am. The venue is the Golden Gate Restaurant, Ikoyi, Lagos. The spokesperson for the organisation, Mr. Segun Bankole made this known at a recent press briefing in preparation for the event.
He said this year’s edition promises to be a very rewarding experience for all shareholders whose names have been listed on the register as at July 23, 2008, as they will be receiving an extra bonus for every 5 shares held and 6 kobo as dividend per share.
Going by the first quarter unaudited result of 2008, which ended on March 31, shareholders of Sovereign Trust Insurance Plc will for a long time have so much to cheer about as the company posted very impressive result. 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. There are very strong indications that the second quarter result will be a better performance comparatively. Analysts have reasoned that the elasticity of the company’s growth in terms of size and return on investment is something to watch out for as the organization is committed to being amongst the top three insurance companies in the country and they are not relenting in that direction.
Not long ago, the Council of the Nigerian Stock Exchange gave its approval to the company to list an additional units of shares totaling 700,833,333 of the three allied companies that merged with the then Sovereign Trust Insurance Limited. You will recall that Coral International Insurance Company Limited, Confidence Insurance Plc and Primetrust Insurance Company limited respectively joined forces with what is today known as Sovereign Trust Insurance Plc.
Still in the stride of setting the pace in the insurance industry in Nigeria, the company recently launched three new products into the market on July 9, 2008. 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.