Sovereign Trust Insurance (STI) Plc has got the nod of the National Insurance Commission (NAICOM) for its 2016 audited financial statements.
This was contained in a statement by its Head of Corporate Communications & Brand Management, Segun Bankole, who noted that a lot of corporate organisations and financial Institutions in Nigeria confirmed that 2016 was a difficult one for business owners and operators alike with attendant challenges, and amidst a recessed economy that is yet to abate.
According to him, despite the harsh operating environment during the year, the underwriting firm grew its balance sheet size from N9.2 billion in 2015 to N9.5 billion in 2016. Although there was a downward shift in the Gross Premium Written when compared to the same period ended December 31, 2015. The company ended the year 2016 with a Gross Premium Income of N6.3billion as against N7.1billion in 2015 reflecting revenue shortfall of about N732 million.
The company, according to him, showed considerable signs of resilience in some aspects of its operations, which to many in the Industry, portend a promising future for the firm as its investment income grew from N214million in 2015, to N281million in 2016.
As a result of the company’s effective claims administration, claims payment in 2016 reduced from N1.5billion in 2015, to N1.4billion in the year under review. The total comprehensive income for the year net of tax, rose from N19million in 2015 to N186million in 2016. Its profit after tax, however, reduced from N557million in 2015, to N23million in the year under review.
He said shareholders of the company can begin to look forward to a brighter future ahead as the murky economic situation that pervaded operations of most corporate organisations in the country is beginning to clear.