SOVEREIGN TRUST INSURANCE : AUDITED FINANCIAL STATEMENT FOR 2022

SOVEREIGN TRUST INSURANCE PLC

FINANCIAL STATEMENTS 31 DECEMBER 2022

SOVEREIGN TRUST INSURANCE PLC

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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	107
Five-Year Financial Summary	108

SOVEREIGN TRUST INSURANCE PLC

CORPORATE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022

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	Chairman
	Mr. Olaotan Soyinka	Managing Director/CEO
	Mrs. Ugochi Odemelam	Executive Director
	Mr. Jude Modilim	Executive Director
	Ms. Emi Faloughi	Non Executive Director
	Mr. Abimbola Oguntunde	Non Executive Director
	Mr. Odoh Shedrack Chidozie	Non Executive Director
	Mr. Eric Balogun	Independent Director
	Col. Shehu Musa	Independent Director ( Deceased)
Company Secretary	Equity Union Limited
Registered Office	17, Adetokunbo Ademola Street
	Victoria Island, Lagos, Nigeria
	www.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
Reporting Actuary	Logic Professional Services

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SOVEREIGN TRUST INSURANCE PLC

CORPORATE INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Reinsurers	Aveni Reinsurance Company Limited
	African Reinsurance Corporation
	Continental Reinsurance Plc
	WAICA Reinsurance Corporation
	Swiss Reinsurance Corporation
	Nigeria Reinsurance Corporation
	CICA Reinsurance Company
	ZEP-RE(PTA Reinsurance company)
	NCA Reinsurance Company
	The Hartford Lloyd's Syndicate
	Market Lloyd's Syndicate
	FSB Reinsurance Corporation
Management Team	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

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SOVEREIGN TRUST INSURANCE PLC

FINANCIAL HIGHLIGHTS

FOR THE YEAR ENDED 31 DECEMBER 2022

	2022	2021
	₦'000	₦'000	% Change
Statement of profit or loss and other
comprehensive income
Gross premium written	15,228,771	12,718,526	20%
Net premium income	6,941,288	7,276,340	-5%
Net claims expenses	(2,374,091)	(3,169,009)	25%
Profit before income tax	962,278	885,757	9%
Profit after income tax	838,773	974,734	-14%
Statement of financial position
Total assets	17,432,677	16,397,414	6%
Total liabilities	6,988,829	6,780,185	3%
Total equity	10,443,848	9,617,229	9%
Insurance contract liabilities	4,324,994	3,961,511	9%
Per share data:
Basic earnings per share (kobo)	10	11.34	-14%

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