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STI ARAA 2018.Pdf Annual Report & Accounts 2018 01 Connected round-the-clock Obligated to discomforts Exchanging contingencies with assurances. Vision To be a leading brand, providing insurance and financial services of global standards. Mission To enhance the everyday life Annual Report of our Customers through & Accounts 2018 innovative insurance and financial services while creating exceptional value for our Shareholders. 02 CORE VALUES Superior Customer Service Innovation Professionalism Integrity Empathy Team Spirit Annual Report & Accounts 2018 03 Annual Report & Accounts 2018 04 Inside COMPANY OVERVIEW 06 Business History 10 Notice of Annual General Meeting 14 Corporate Information 18 Financial Highlights 19 Chairman’s Statement SETUPS 27 Board of Directors 33 Management 44 Report of the Directors 54 Report of the Audit Committee 55 Statement of Directors’ Responsibilities in Relation to the Preparation of the Financial Statements 56 Certification Pursuant to Section 60 (2) of Investment and Securities Act No. 29 of 2007 STRATEGIES 57 Independent Auditors’ Report 62 Summary of Significant Accounting Policies FACTS & FIGURES 98 Statement of Profit or Loss 99 Statement of Other Comprehensive Income 100 Statement of Financial Position 101 Statement of Changes in Equity 102 Statement of Cash Flows Annual Report & Accounts 2018 KEY STATISTCS 103 Notes to the Financial Statements 156 Statement of Value Added 157 Five-Year Financial Summary 05 158 Share Capital History PROCESSES 161 E-Dividend Mandate Form 163 Proxy Form 165 Admission Slip 168 Unclaimed Dividend List Annual Report & Accounts 2018 BUSINESS HISTOR Y 06 BUSINESS HISTORY Sovereign Trust Insurance Plc commenced PRODUCTS AND SERVICES business in January 1995 following the Sovereign Trust Insurance Plc is presently restructuring and recapitalization of the operating as a non-life insurance company then Grand Union Assurance Limited. The and has a wide range of insurance products Company went into operation with an and services that are tailored to meet the authorized and paid up capital of N30 million specific needs of the company's clients. Annual Report and N20 million respectively. The Company, Some of our products amongst others & Accounts 2018 currently having its Corporate Head Office at include: Marine & Aviation, Motor Insurance 17, Adetokunbo Ademola Street, Victoria (Third Party & Comprehensive), Special Island, Lagos with 17 other Branches spread Risks, Energy Risks, Builders Liability, across major cities and commercial centers Healthcare Professional Indemnity, in Nigeria, became a Public Limited Occupiers' Liability and Sovereign Wellbeing 07 Company (PLC) on the 7th of April 2004, and Insurance Scheme for the Family (SWIS-F) to was listed on the Nigerian Stock Exchange mention a few. on 29th November, 2006. Our products and services have been The Board of Directors of the Company is packaged for marketing to the public sector made up of reputable individuals who have as well as various manufacturing, industrial distinguished themselves in different fields and commercial concerns. Financial of endeavour. BUSINESS HISTORY Cont. institutions such as banks, mortgage and consolidation which ended on February 28, stock broking firms are also being offered 2007; Sovereign Trust Insurance Plc was some of these products. among the licensed companies to underwrite general insurance business Sovereign Trust Insurance Plc also provides h a v i n g c o n s u m m a t e d a m e r g e r comprehensive risk management services. arrangement with the erstwhile Confidence The company carries out various risk surveys Insurance Plc, Coral International Insurance Annual Report & Accounts 2018 and makes appropriate recommendations Company Limited and Prime Trust Insurance towards risk improvement and minimization Company Limited. of loss impacts. INTERNATIONAL RATING Currently, our authorized share capital is Just as the dust of recapitalization was 08 N5.25Billion divided into 10.5billion units of settling down, Sovereign Trust Insurance Plc 50 kobo per share. We have a total equity of submitted itself to a thorough solvency and over N5Billion. The ownership of the liquidity examination to ascertain the level of company is made up of diverse shareholders its capacity in the industry. At the end of the from wide range of individuals and exercise, the company was rated A- by the institutional investors with a robust Board of international rating agency, the Global Directors of distinguished personalities. Credit Rating, GCR, in 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 and Following the Federal Government's 2017 respectively. d i r e c t i v e o n r e c a p i t a l i z a t i o n a n d BUSINESS HISTORY Cont. The considerations for the rating were based From inception, the company moved from an on the high claims paying ability, the good average industry rating to a leading position, mix of business across the risk classes, high investing in the best of people and profile of the multinational oil and technology, improving on processes, Annual Report & Accounts 2018 downstream clients, increased underwriting growing market share at an average annual capacity strengthened by the new capital growth rate of 10%, and thereby expanding base and geographical spread of the its balance sheet size. branches. Sovereign Trust Insurance Plc continues to REINSURANCE TREATY COVER be the lead underwriter for most of the major 09 We h a v e a r r a n g e d v e r y a d e q u a t e oil and gas projects in Nigeria. The company reinsurance treaties to enable us continuously strives to be amongst the top accommodate risks with high sums insured five insurance companies in Nigeria. and to provide us with the necessary support in the event of large claims. Our treaties are arranged with some of the renowned international and reputable reinsurance companies. NOTICE OF 24TH ANNUAL GENERAL MEETING Annual Report & Accounts 2018 10 Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the 24th Annual General Meeting of Sovereign (b) “That the Directors be and are Trust Insurance PLC will take place at the h e r e b y a u t h o r i z e d t o r a i s e Grand Banquet Hall, The Civic Centre, additional equity capital for the Ozumba Mbadiwe Street, Victoria Island, Company up to the maximum limit Lagos on Thursday 25th day of July 2019 at of the authorized share capital, 11.00 a.m. to transact the following w h e t h e r b y w a y o f S p e c i a l businesses: Placement or Public Offer with or without a preferential allotment/or ORDINARY BUSINESS: Rights issue or a combination of any o f t h e m , e i t h e r l o c a l l y o r 1. To lay before the Meeting the Audited internationally and upon such Financial Statements for the year ended terms and conditions as the December 31, 2018, and the Reports of Directors may deem fit in the the Directors, the Auditors and the Audit interest of the Company and subject Committee thereon. to the approval of the Regulatory 2. To re-elect Directors. Authorities.” 3. To authorise the Directors to fix the remuneration of the Auditors. (c) “ T h a t i n t h e e v e n t o f 4. To e l e c t t h e S h a r e h o l d e r s ’ oversubscription of the offer/issue r e p r e s e n t a t i v e s o n t h e A u d i t to capitalize the excess money and Committee. allot additional shares to the extent that can be accommodated by the SPECIAL BUSINESS Company’s unissued share capital subject to the approval of the 5. To fix the Directors’ fees for the year Regulatory Authorities and that the e n d i n g D e c e m b e r 3 1 , 2 0 1 9 a t proceeds should be used for the N3,800,000.00. same purpose as the offer/issue.” Annual Report & Accounts 2018 6. To consider and if deemed fit to pass the (d) That the Company’s Memorandum following resolutions: and Articles of Association be amended to reflect the increase in (a) That the amount forming the its authorised capital. authorised share-capital of the c o m p a n y b e a n d i s h e r e b y DATED THIS 24th DAY OF JUNE 2019 11 increased from N10,000,000,000.00 ( T e n B i l l i o n N a i r a ) t o BY ORDER OF THE BOARD N15,000,000,000.00 (Fifteen Billion N a i r a ) b y t h e c r e a t i o n o f 10,000,000,000 (Ten Billion) ordinary shares of 50 kobo each ranking pari Yetunde Martins passu in all respects with the FRC/2013/NBA/0000003399 existing ordinary shares of the Equity Union Limited company. (Company Secretaries) Notice of Annual General Meeting Cont. NOTES Audit Committee should have basic financial literacy and be knowledgeable in internal PROXIES control processes. Only a member of the Company entitled to Furthermore, in line with the Financial attend and vote at the General Meeting is Reporting Council of Nigeria (FRCN) Rules, entitled to appoint a proxy in his/her stead. All the Chairman of the Statutory Audit valid instruments of proxy should be Committee must be a professional member completed, stamped and deposited at the of an accounting body established by Act of office of the Company’s Registrars, Meristem the National Assembly in Nigeria.
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