- Sovereign Trust to Set New Growth Plans
Sovereign Trust Insurance Plc has expressed its decision to introduce new plans to drive the company’s growth in the next five years.
The Chairman of the company, Seun Ajayi, disclosed this during the firm’s 22nd annual general meeting in Lagos.
“We are currently in the process of initiating another five-year strategic direction that will take the company to the next phase of our growth from 2018 through 2022,” he said.
According to him, technology will form the pivotal thrust of this process in ensuring that the company remains competitive and relevant in the insurance market and in many years to come.
The chairman said that despite the harsh operating environment during the year under review, the company grew its balance sheet size from N9.2bn in 2015 to N9.5bn in 2016.
However, Ajayi added that there was a downward shift in the gross premium by 12 per cent to N6.3bn from N7.1bn.