The Sovereign Trust Insurance (STI) Plc. said it was able to underwrite volume of business worth N7.1 billion for 2015 financial year.
The Managing Director of STI, Mr Olaotan Soyinka, said this at the company’s 21st Annual General Meeting (AGM) held on Wednesday in Lagos.
Soyinka said that although the amount represented a two-per cent decrease from the N7.3 billion business volume for 2014 financial year, the company made progress.
Soyinka said that in spite of the tough operating terrain, the company made a considerable growth in Profit after Tax (PAT) of N582 million for the financial year.
“The amount represented 97 per cent increase from N294 million made in 2014 financial year’’ he said.
He also said that the harsh economic terrain did not halt the company from meeting its obligations, as it paid N1.7 billion claims to its policy holders for 2015 financial year.
He stressed that the company had deployed measures and strategies aimed at increasing income generation and positioning the brand more competitively.
“This, we believe, will shore up growth and profitability of the company in the years ahead,’’ he said.
The News Agency of Nigeria (NAN) reports that STI started operations in 1995 as a non-life insurance firm. (NAN)