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Let Us Make and Mark the Future Together As We Unveil Our 25Th Anniversary Logo

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Let Us Make and Mark the Future Together As We Unveil Our 25Th Anniversary Logo Let us make and mark the future together as we unveil our 25th Anniversary logo. ANNUAL REPORT ANNUAL 01 2019 & ACCOUNTS VISION To be a leading brand, providing insurance and financial services of global standards. MISSION To enhance the everyday life of our customers through innovative insurance and financial services while creating exceptional value for our shareholders. Core Values Superior Customer Service Innovation Professionalism Integrity Empathy Team Spirit ANNUAL REPORT ANNUAL 02 2019 & ACCOUNTS 03 ANNUAL REPORT & ACCOUNTS 2019 Company Overview 06 Business History 09 Notice of Annual General Meeting 12 Corporate Information 16 Financial Highlights 19 Chairman’s Statement Setups 27 Board of Directors 34 Management 45 Report of the Directors 55 Report of the Audit Committee 56 Statement of Directors’ Responsibilities in Relation to the Preparation of the Financial Statements 57 Certication Pursuant to Section 60 (2) of Investment and Securities Act No. 29 of 200 Strategies 59 Independent Auditors’ Report 63 Summary of Signicant Accounting Policies Facts Figures 90 Statement of Prot or Loss 91 Statement of Other Comprehensive Income 92 Statement of Financial Position 93 Statement of Changes in Equity 94 Statement of Cash Flows 95 Notes to the Financial Statements Other National Disclosures 147 Statement of alue Added 148 Five-ear Financial Summary 149 Share Capital History Processes 151 E-Dividend Mandate Form 153 Proxy Form 155 Admission Slip 159 Unclaimed Dividend List ANNUAL REPORT ANNUAL 04 2019 & ACCOUNTS ANNUAL REPORT ANNUAL 05 2019 & ACCOUNTS T P commenced business on anuary 2, 1995 as a non-life insurer Sfollowing the acquisition and recapitalization of the then Grand Union Assurances. The Company became a Public Limited Company (Plc) on April , 2004 and was listed on The Nigerian Stock Exchange on November 29, 2006. Following the recapitalization exercise in 2006, STI merged with three other insurers (Coral International Company Limited, Condence Insurance Plc and Prime Trust Insurance Limited) and met the new minimum capital requirement of N3Billion on February 28, 200 and thus became a larger entity in its operations and Branch network. STI today is a well-known general insurance underwriter operating from twelve (12) ofces strategically located across Nigeria. The Company was rated A- in 2019 by the Global Credit Rating (GCR) based on its claims-paying ability, capital adequacy ratio, favourable underwriting track record, which is also inuenced by low loss ratio as well as the Company’s maintenance of a resilient brand in the fragmented and highly competitive Nigerian Insurance Market. Currently, our authorized share capital is N75 15 50 We have a fully paid-up capital of N568 S N77 The ownership of the company is made up of diverse shareholders from wide range of individuals and institutional investors with a robust Board of Directors of distinguished personalities. Our asset base is also over N13.4 Billion. Going forward, the Company plans to be ranked among the top ve in the Insurance Industry in the next three to ve years in terms of Gross Premium Written, Asset Base, Capitalization, and protability. The Board of Directors of the Company is made up of reputable individuals that have distinguished themselves in different elds of endeavor. The Head Ofce is located on 1, Adetokunbo Ademola Street, ictoria Island, Lagos with Area and Branch ofces spread across the country, while the day-to-day operations are manned by well experienced and vibrant workforce. PROUCTS AN SERCES Sovereign Trust Insurance Plc. prides herself in providing specialized insurance covers which include: Personal Accident Insurance, Motor Insurance, Fire and Special perils Insurance, Burglary Insurance, Engineering Insurance/ Bond, Marine Insurance, Aviation Insurance, Contractors All Risk Insurance, Group Personal Accident Insurance, Goods in transit Insurance, Fidelity Guarantee Insurance, Money Insurance, Professional Indemnity, Builders Liability ANNUAL REPORT ANNUAL 06 2019 & ACCOUNTS Insurance, Workmen’s Compensation, Industrial All Risk Insurance, Healthcare Professional Indemnity, Enhanced Third Party (E3P), Sovereign Wellbeing Insurance Scheme for the Family (SWIS-F), Comprehensive Homeowners/House holders, Electronic Equipment Insurance, Energy insurance, Machinery Breakdown Insurance and others. Our products and services have been packaged for marketing to the public sector as well as various manufacturing, industrial and commercial concerns. Financial institutions such as banks, mortgage and stock broking rms are also being offered some of these products. C We also provide comprehensive risk management services. The company carries out various risk surveys and makes appropriate recommendations towards risk improvement and minimization of loss impacts. NTERNATONAL RATN Our continued success over the years saw the company’s performance ranked among the top players in the insurance industry having enjoyed an A- rating since 200 up to date by Global Credit Rating (GCR). The A- rating attests to the company’s high claims paying ability in the industry. The considerations for the rating amongst others were based on the company’s sizable capital base, sound internal capital generation, healthy investment returns, foreign exchange gains, and a strong liquidity prole backed by a conservative assets allocation strategy. Sovereign Trust Insurance Plc continues to be the lead underwriter for most of the major oil and gas projects in Nigeria. RENSURANCE TREAT COER We have adequate reinsurance treaties to enable us accommodate risks with high sums insured which provides us with the necessary support in the event of large claims. Our treaties were arranged by a consortium of reinsurance Brokers led by United African Insurance Brokers Limited, Perth Re and CICA- Re. These treaties were placed with a consortium of reputable reinsurance companies locally and overseas which are: Lloyd’s Syndicate (UK) Thomas Miller Speciality Arch Insurance Company (Europe) African Reinsurance Corporation, Lagos Continental Reinsurance Plc, Lagos WAICA Reinsurance Pool, Lagos Nigeria Reinsurance Corporation, Lagos AENI Reinsurance Company, Abidjan CICA Reinsurance Company, Lome ANNUAL REPORT ANNUAL 07 2019 & ACCOUNTS AGM Notice ANNUAL REPORT ANNUAL 08 2019 & ACCOUNTS NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the 25th Annual General Meeting of Sovereign Trust Insurance PLC will take place at The Bay Lounge Hall, Block 12A, 10 Admiralty Road, Lekki Phase 1, Lagos on Thursday, 22nd day of October, 2020 at 11.00 a.m. to transact the following businesses: ORDINARY BUSINESS: 1. To lay before the Meeting the Audited Financial Statements for the year ended December 31, 2019 together with the Reports of the Directors, Auditors and Audit Committee thereon. 2. To re-elect Directors. 3. To approve the appointment of Mr. Shedrack Odoh as a Non-Executive Director. 4. To appoint the firm of Messrs PKF as the new Auditors to replace the retiring Auditors, Messrs Ernst & Young, in accordance with Section 401(1) of the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2020. 5. To authorize the Directors to fix the remuneration of the Auditors. 6. To elect the Shareholders’ representatives on the Audit Committee. SPECIAL BUSINESS 7. To fix the Directors’ Fees for the year ending December 31, 2020 at N3,800,000.00 DATED THIS 18TH DAY OF SEPTEMBER 2020 BY ORDER OF THE BOARD Yetunde Martins FRC/2013/NBA/0000003399 Equity Union Limited (Company Secretaries) NOTES COMPLIANCE WITH COVID-19 RELATED DIRECTIVES AND GUIDELINES: The Federal Government of Nigeria, State Governments, Health Authorities and Regulatory Agencies have issued a number of guidelines and directives aimed at curbing the spread of COVID-19 in Nigeria. Particularly, the Lagos State Government placed a restriction on the gathering of people at events, while the Corporate Affairs Commission (CAC) issued Guidelines on Holding Annual General Meeting (AGM) of Public Companies by Proxy. The convening and conduct of the AGM shall be done in compliance with these directives and guidelines. PROXIES A Member of the company entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of him/her. A proxy need not be a Member of the Company. Executed form of proxy should be deposited at the Company's Registrars' Office, Meristem Registrars & Probate Services Ltd, 213 Herbert Macaulay Way, Adekunle Yaba, Lagos or via email at [email protected] not less than 48 hours before the time of holding the meeting. To be effective, the proxy form should be duly stamped and signed by the Commissioner for Stamp Duties. STAMPING OF PROXY The Company has made arrangements, at its cost, for the stamping of the duly completed and signed proxy form submitted to the Company's Registrars within the stipulated time or sent by e-mail to [email protected] ATTENDANCE BY PROXY In line with the Corporate Affairs Commission Guidelines, attendance of the AGM shall be by proxy only. Shareholders are required to appoint a proxy of their choice from the list of nominated proxies below: 1. Mr. Oluseun O. Ajayi - Chairman 2. Mr. Olaotan Soyinka - Managing Director/CEO 3. Sir Sunny Nwosu - Shareholders Representative 4. Mr. Peter Eyanuku - Shareholders Representative 5. Mr. Tunji Bamidele - Shareholders Representative 6. Mrs. Obideyi Efunyemi Olatunde - Shareholders Representative ANNUAL REPORT ANNUAL 09 2019 & ACCOUNTS LIVESTREAMING OF THE AGM
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