SOVEREIGN TRUST INSURANCE PLC GETS NSE NOD…

No doubt, October 30, 2007, will go down the history book of Sovereign Trust Insurance Plc, one of Nigeria’s fastest growing insurance companies. The company has been granted the approval to list on the trading floor of the nation’s capital market additional 1billion ordinary shares so as to enable would-be investors, the opportunity to have a stake in the organization.

In granting the approval, the President of the Nigerian Stock Exchange council and a member of the NSE quotation committee, Mr. Oba Otudeko commended the efforts of the company at contributing positively to the growth of the insurance industry and the Nigerian economy at large. In his words, “we have taken a careful look at your books, and all that you promised to do during your initial application process and we have found out that you have done exceedingly well; all we need to do at this point, is to further encourage you, so Nigerians can have the opportunity to invest in your dynamic company, and this, we gladly give our approval to.”

The Managing Director of Sovereign Trust Insurance Plc, Mr. Seun Ajayi, expressed his gratitude on behalf of the Management towards the gesture of the Nigerian Stock Exchange Council and reiterated that the company in its usual style will not disappoint its shareholders and those who will be investing in the company when the shares are finally placed on the floor. According to him, “we are enamoured by this unflinching support and encouragement of the Stock Exchange council and we also want to say that every kobo invested in our company will be optimally put to use to give every shareholder an impressive return on their investment.”

Indeed, Sovereign Trust Insurance Plc, have proven to be a very consistent company going by the steady and impressive performance of the company since inception twelve years ago. In the 2006 financial year, The Company posted a profit after tax of N233M, 800 as against N157M, 648 that was recorded in 2005, which represents a growth rate of 48.29%. A dividend of 6k per share was also declared, while total assets as at the end of the financial year stood at N2, 235,179.00.

In line with the new vision of the company in being a leading brand and providing insurance and financial services of global standards, the management has put in place various strategic measures to making the STI brand a household name and the preferred insurer of choice in Nigeria in- a- not-too distant time.

To achieve this, Sovereign Trust Insurance Plc has entered into merger agreements with two of the very formidable and reputable insurance firms in Nigeria, Confidence and Coral Insurance plc respectively. The move is geared towards reinforcing the capital base of the company; enhance the quality of the human resources capacity and increase the branch network of the organization with a view to spreading its business tentacles to every nook and corner in Nigeria.

A recent visit to the headquarters of Sovereign Trust Insurance Plc on 35, Adetokunbo Ademola Street, Victoria Island, Lagos will leave no one in doubt that the company is set to take the garb of a leading brand in truth and deed. A very welcoming atmosphere conducive to both customers and staff has been put in place by the Management. A renewed sense of belonging now permeates the whole organization. More of such innovative and forward- looking initiatives to attract and retain the best hands in the industry are being worked upon.

Indeed, just as the corporate slogan says, “we’ve got you covered”. Sovereign Trust Insurance Plc is set to take the insurance business in Nigeria to an enviable position.