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The Chairman of the Board of Directors of Sovereign
Trust Insurance (STI) Plc, Mr. Oluseun Ajayi, has called on insurers in Nigeria
to explore the huge potentials of the industry especially in the retail segment
to grow the industry to contribute significantly to the national economy.
Mr. Ajayi made the call on Wednesday at the Company’s
21st Annual General Meeting (AGM) in Lagos.
Mr. Oluseun Ajayi, STI PLC Chairman (middle)

On the company’s operating performance for 2015, he
said the company has sustained a considerable growth in Profit After Tax (PAT)
recording N582.21 million higher than N294.94 recorded in 2014 representing an
increase of 97 per cent.
He said there is need for collaboration and
far-reaching strategies to develop the retail market, adding that the growth of
the insurance sector lies within the retail space.
Ajayi pointed out that concentrating effort on
corporate businesses which have remained the same over the years would not go
far in its effort to contribute to the nation’s Gross Domestic Product (GDP) in
the years to come.
The STI boss called on insurance companies in the
country to device means of taking advantage of growth opportunities around in
deepening penetration level as well as enhancing awareness and contributing
significantly to the country’s GDP.
He also called for positive collaboration between
regulators and practitioners to show best practice and agree on common
framework for future reform that will foster the industry’s growth.
On the company’s operating performance for 2015, he
said “STI has sustained a considerable growth in Profit After Tax (PAT)
recording N582.21 million higher than N294.94 recorded in 2014 representing an
increase of 97 per cent.
Ajayi attributed the achievement recorded by the
company to several cost reduction mechanism adopted by the company in the
course of the year, adding that the slight fall in the Gross Premium Written
(GPW) and underwriting profit experience during the period under review was not
unconnected to the hash operating terrain and policy uncertainty experienced in
the country.
He also announced the retirement of former Chairman of
the board of the company, Dr. Ephraim Faloughi and four other Directors whose
tenure expired on April 7, 2016.

 From Edet Udoh, Lagos
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