STI gets NAICOM’s nod on 2016 financial accounts
Pays N1.4b as claim
Nigeria’s top underwriter, Sovereign Trust Insurance Plc on Wednesday got the approval of the National Insurance Commission ( NAICOM) for its audited financial accounts for the year ended 31, December 2016.
According to a statement by the Head, Corporate Communication, Segun Bankole, investment income for the year grew by 31.3 per cent from N214 million in 2015 to N281million in the period under review.
The statement added that as a result of the company’s effective claims administration, its claims payment in 2016, reduced from N1.5billion in 2015, to N1.4billion in the year under review, while the total comprehensive income for the year net of tax, rose from N19million in 2015 to N186million in 2016.
Despite the harsh operating environment during the year, the underwriting firm grew its balance sheet size from N9.2billion in 2015 to N9.5billion in 2016.
The statement further said with the result, the shareholders 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 show signs of recovery.
“For Sovereign Trust Insurance Plc, the Board and Management of the company maintain high hopes for the future and that of the insurance industry in general. The company believes that the future of insurance business in Nigeria is bright and it is poised to latch on to the availing opportunities that the market will bring to bear in delighting its Shareholders and Customers in the years ahead.”