Sovereign Trust Insurance to Hold 30th Annual General Meeting September 25

By LOVETH AZODO, Lagos

Sovereign Trust Insurance Plc has announced that its 30th Annual General Meeting (AGM) will hold on Thursday, September 25, 2025, following approvals from the National Insurance Commission (NAICOM) and the Nigerian Exchange Limited (NGX).

The meeting is scheduled for 11:00 am in Lagos.

In a statement signed by the Company’s Head of Corporate Communications & Investor Relations, Mr. Segun Bankole, Sovereign Trust Insurance expressed appreciation to shareholders and regulators for their support throughout the review period.

According to the statement, the journey to securing approval for the Company’s 2024 financial accounts was “quite an experience,” adding that the lessons learnt were invaluable as the firm remains committed to the highest ethical and professional standards. The Company also thanked shareholders for their belief in the management team and solicited continued patronage from its growing customer base.

Despite macroeconomic headwinds and challenges linked to the adoption of new financial reporting standards, Sovereign Trust Insurance recorded a landmark year in 2024. Insurance revenue surged by 109.3 percent, climbing from ₦19.3 billion in 2023 to ₦40.4 billion in 2024, a performance the Company attributed to strategic execution, prudent risk management, and operational resilience.

In fulfilling obligations to policyholders, the underwriting firm paid out ₦4.3 billion in claims in 2024, up from ₦3.3 billion the previous year.

The Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka, noted that while the transition to International Financial Reporting Standard (IFRS 17) posed challenges, teamwork and perseverance enabled the Company to achieve a successful outcome. “Our desire is to continue reinforcing trust and confidence in the brand as customers’ expectations grow,” he said.

The Company also reaffirmed its vision of becoming a leading brand in Nigeria’s insurance industry while maintaining strong public trust. Sovereign Trust Insurance disclosed that it will be paying dividends to shareholders this year, continuing the practice from the 29th AGM.