SOVEREIGN TRUST INSU

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SOVEREIGN TRUST INSURANCE : AUDITED FINANCIAL STATEMENT FOR 2021

03/29/2022 | 01:08pm

SOVEREIGN TRUST INSURANCE PLC

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

CONTENTS

PAGE

Corporate Information

1

Financial Highlights

3

Report of the Directors

4

Report of the Audit Committee

11

Statement of Directors' Responsibilities in Relation to the Preparation of the

Financial Statements

12

Certification Pursuant to Section 60 (2) of Investment and Securities Act No.

29 of 2007

13

Independent Auditor's Report

14

Summary of Significant of Accounting Policies

20

Statement of Profit or Loss and Other Comprehensive Income

48

Statement of Financial Position

49

Statement of Changes in Equity

20

Statement of Cashflows

51

Notes to the Financial Statements

52

Other National Disclosures

Statement of Value Added

106

Five-Year Financial Summary

107

CORPORATE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2021

RC No.

31962

Nature of business

The principal activity of the Company continues to be the provision of all classes of non-life insurance and special risk insurance, settlement of claims and insurance of policyholders' funds.

Directors

Mr. Oluseun O. Ajayi Mr. Olaotan Soyinka Mrs. Ugochi Odemelam Mr. Jude Modilim

Ms. Emi Faloughi

Mr. Abimbola Oguntunde Mr. Odoh Shedrack Chidozie Mr. Eric Balogun

Col. Shehu Musa

Chairman

Managing Director/CEO Executive Director Executive Director Non Executive Director Non Executive Director Non Executive Director Independent Director Independent Director

Company Secretary

Equity Union Limited

Registered Office

17, Adetokunbo Ademola Street Victoria Island, Lagos, Nigeriawww.stiplc.com

Auditors

PKF Professional Services PKF House

205A, Ikorodu Road Obanikoro

Lagos

Bankers

First Bank of Nigeria Limited Standard Chartered Bank Zenith Bank Plc

Access Bank Plc Guaranty Trust Bank Plc Ecobank Plc

Providus Bank Limited

First City Monument Bank Limited Fidelity Bank Plc

Unity Bank Plc Heritage Bank Plc Sterling Bank Plc Wema Bank Plc

Solicitors

Citipoint Chambers

Registrar

Meristem Registrars Limited

CORPORATE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2021

Reporting Actuary

Logic Professional Services

ReinsurersManagement Team

Aveni Reinsurance Company Limited African Reinsurance Corporation Continental Reinsurance Plc WAICA Reinsurance Corporation

Olaotan Soyinka

Managing Director/CEO

Ugochi Odemelam

Executive Director, Marketing & Business Development

Jude Modilim

Executive Director, Technical Operations

Kayode Adigun

GM/Divisional Head, Finance & Corporate Services

Sanni Oladimeji

DGM/Head, Risk Management & Compliance

Segun Bankole

DGM/Head, Sales & Corporate Communications

Emmanuel Anikibe

DGM/Head, Sales & Client Services

Olalekan Oguntunde

AGM/Head, ICT

Samuel Oseni AGM/Head, Internal Audit

Tajudeen Rufai

AGM/ Head, Reinsurance

Angela Uche-Onochie

AGM/Head, Eastern Area Operations

Lucas Durojaiye

AGM/Head, Northern Area Operations

Abisola Asaju

AGM/Head, General Internal Services

Niyi Olaitan

AGM/ Head, Finance and Accounts

Victoria Eze

AGM/ Head, Sales & Client Services 2

Akinwunmi Akinrinmade

AGM/ Head, Energy

Ebinyu Faloughi AGM/ Head, Motor

SOVEREIGN TRUST INSURANCE PLC

FINANCIAL HIGHLIGHTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of profit or loss and other

comprehensive income

2020

₦'000

% Change

Gross premium written

11,120,684

14%

Net premium income

6,541,908

11%

Net claims expenses

(3,485,778)

-9%

Profit before income tax

796,108

11%

Profit after income tax

687,699

42%

Statement of financial position

Total assets

14,833,238

11%

Total liabilities

6,207,140

9%

Total equity

8,626,099

11%

Insurance contract liabilities

3,762,566

5%

Per share data:

Basic earnings per share (kobo)

8.00

42%

2021 ₦'000

12,718,526

7,276,340

(3,169,009)

885,757

974,734

16,397,414 6,780,185 9,617,229 3,961,511

11.34

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Disclaimer

Sovereign Trust Insurance plc published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 17:07:12 UTC.

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