N1.75BN CLAIMS PAID BY SOVEREIGN TRUST

According to the Chairman of Sovereign Trust Insurance Plc.  Dr. Ephraim Faloughi,

in the 2013 financial period, the company paid N1.751bn claims. he said this during the company’s 19th annual general meeting in Lagos.

      He said “Our claims settlement rose from N920.424m in 2012 to N1.751bn in 2013, indicating an increase of 90 per cent,” 

Dr. Ephraim Faloughi also said the firm’s gross premium appreciated by 12 per cent from N7.742bn at the end of 2012 to N8.673bn in 2013.

He confirmed also that the total asset rose by 22 per cent from N7.113bn in 2012 to N8.649bn in 2013.

During the 2013 financial period, the company’s profit dropped by 166 per cent. From N1.476bn in 2012 to N346.340m.

Speaking on the financial performance, the chairman assured shareholders that the firm would ensure better profit and dividend for shareholders in 2015.

On the future of the industry, he said that it would continue to deploy its resources in line with its strategic blueprint to produce more innovative and bespoke products that would continue to meet the needs and aspiration of its customers.