Sovereign Trust Insurance to Reward Shareholders
August 18, 2008 by Bunmi Awolusi
At the 13th Annual General Meeting of Sovereign Trust Insurance held last week in Victoria Island, Lagos, the board of the company announced a dividend of 6k for every 50k share and a bonus issue of 1 for every 5 share held.
Dr. Ephraim Falough, STI Chairman, said the company is making the payment in other to fulfill its promise to shareholders.
Falough added that Profit After Tax of the company rose from N233.80 million in 2006 to N357.78 million in the year 2007. Gross premium earning was N1.14 in 2006 but rose to N2.48 in 2007.
Shareholders’ fund and company’s total asset are N3.30 billion and N3.95 billion as against the N1.59 billion and N2.23 billion in the period under review respectively.
One of the products, Stemic, (Sovereign Trust Enhanced Motor Insurance), takes care of vehicle theft, third party, riot, strike, bodily injury, car damage, impact fire damage, death, irrevocable loss of site and several other features.
Sovereign Trust Etic-Easy Trust Insurance Cover, is a 6 in 1 different insurance policies needed for a client to enjoy its journey while Swis-F Sovereign Trust is for families and it has affordable premiums and compensation attached with it.
At the launching of the 3 products in Lagos recently, Mr. Wale Onaolapo, Managing Director of Sovereign Trust, said the products were unveiled in order to serve Nigerians with products that are worth it. He added that the company will continue to unveil better services to the citizen of the country.
