STI Partners FRSC On Road Safety Advocacy

Sovereign Trust Insurance (STI) Plc has partnered the Federal Roads Safety Corps (FRSC) to ensure that the Corps carry out its civic duties and obligations as expected.

To this end, the Corps paid a visit to the insurance firm as part of  collaboration between FRSC and Sovereign Trust Insurance Plc on ‘Road Safety Advocacy’ to Nigerian youths and road users in the country.

Similarly, the head of Corporate Communications & Investor Relations, STI Plc,  Segun Bankole was also nominated as an FRSC Celebrity Special Marshal.

As a Celebrity Marshal, the spokesperson for the organisation is expected, amongst other things, to monitor road users with a view to providing constructive feedback to the Corps, carry out traffic controls and rescue operations in case of emergencies and also engage in advocacy and public enlightenment to road users.

The induction of all the FRSC Celebrity Special Marshal(CSMs) nominated by the Corps was done on August 12, 2023 at a ceremony tagged, ‘Youth Hangout’ to commemorate the UN International Youth Day.

Meanwhile, the insurer is set to hold its 28th Annual General Meeting (AGM) on Thursday, August 24, 2023, in Lekki, Phase 1, Lagos, having been granted approvals on its 2022 Annual Report and Accounts by the National Insurance Commission(NAICOM) and the Nigerian Exchange Limited (NGX) respectively.

Following this, Bankole had said, his company, no doubt showed great resilience amidst the various challenges that characterised the operating environment in the year 2022.

The company’s spokesperson said, there is every reason to be appreciative to all the shareholders and customers of the organisation who had shown great level of commitment and patronage to the company since inception 28 years ago.

Amidst the challenges of 2022, the company ended the financial year under review with a great sense of optimism that the days ahead will continue to look brighter and better.

In spite of the challenging business environment in 2022, the underwriting firm recorded a total Gross Premium Written (GPW) of N15.2billion in the year under review, which eclipsed N12.7 billion recorded in 2021, representing a 20 per cent increase.

Its underwriting profit grew by 10% from N2.4 billion in 2021 to N2.7 billion in 2022. In the same vein, the company achieved Profit Before Tax of N962 million as against N885 million recorded in the year 2021, representing an increase of nine per cent.

The size and quality of the company’s balance sheet improved as total assets of the company increased from N16.4 billion to N17.4 billion representing six per cent growth while shareholders’ funds increased by 8.6 per cent from N9.6 billion in 2021 to N10.4 billion in 2022.

The managing director/CEO of the company, Mr. Olaotan Soyinka has attributed the performance to the commitment shown by every member of staff who he described as the Drivers of the organisation coupled with the fact that, the company’s management is also dedicated to ensuring that the firm takes its place of pride in the industry.