Sovereign Trust Insurance Plc said it recorded N7.2bn gross premium in its 2014 financial period.
The Chairman of the company, Dr. Ephraim Faloughi, said this during the firm’s 20th Annual General Meeting in Lagos.
“Gross premium for 2014 stood at N7.2bn, a performance that represents 16 per cent decline over a sum of N8.6bn recorded in the previous year,” he said.
He said its profit before tax declined from N857.8m in 2013 to N326m in 2014, while its profit after tax decreased from N929m to N294m in the period under review.
Faloughi said as part of its shareholders’ approval for the firm to embark on capital raising through a rights issue, the directors had commenced issuance of shares to existing shareholders at the ratio of one for three ordinary shares already held at 50k per share.
He said the offer recorded a gross proceed of N734.53m, representing 64.1 per cent success rate. He added that this would be reflected in the paid-up capital of the company in 2015.
While emphasising the dynamism of the business world, the chairman said its strategic direction would be crafted to envisage likely opportunities inherent in the industry and work against possible threats that may adversely affect its operations.
“We will continue to equip and develop our staff to ensure that as individuals and collectively as a company, we are truly grounded in bringing to fruition the wealth creation objective which the company exists to provide for our shareholders,” he said
