SOVEREIGN TRUST INSURANCE : AUDITED FINANCIAL STATEMENT FOR 2021

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