Sovereign Trust celebrate women with all inclusive operating environment

By Favour Nnabugwu

In preparation for this year’s edition of the International Women’s Day on March 8, 2024, the Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka has reiterated the company’s commitment to providing an all-inclusive operating environment to all members of staff regardless of their gender.

He stated that the underwriting firm is about professionalism, good moral standing and the upholding of values that will promote gender balance in all key areas of the organization while also taking cognizance of meritocracy as the rudder blade for attaining any leadership position in the organization.
In his address to the female staff of the organization at a special hang-out session organized for them in commemoration of the global event, Soyinka seized the moment to appreciate and honour the women accordingly.
In his words, “as we celebrate all our women the world over on March 8, 2024, I want to particularly express my profound support and appreciation to our very committed women in Sovereign Trust Insurance Plc for your doggedness and dedication to duty.
You have always proven that you are all women of grit and compassion, and it has been extremely exciting working with you all.” As you are all aware, our organization is an all-inclusive one driven by professionalism, dedication, and commitment to good corporate governance and ethical standards.
 “An attestation to this fact is seen in the composition of the Management structure of the organization as quite a few women are in top management positions within the organization.The Executive Director, Marketing and Business Development, Ugochi Odemelam, who is also a pioneer staff of the Underwriting Firm rose through the ranks over the years and today, she is equally a member of the Board of Directors of the company and a member of the Executive Management team, respectively.
She has this to say, “in the last 29 years of my sojourn in Sovereign Trust Insurance Plc, I could not have asked for more in my professional career as it has been a very fulfilling one for me in every area I can think of.” I have never felt out of place with my male counterparts because they have all been very supportive and accommodating as colleagues in the workplace. She equally thanked the Management for giving a lot of other women in the system high profile responsibilities across the company’s operations.
Amongst such high-ranking officers in the organization are Jumoke Olatubosun and Angela Uche-Onochie, both are Deputy General Managers with portfolios in key areas of the company’s operations. On the roll call as well is Bisola Asaju, an Assistant General Manager and the Head of General Internal Services under the Finance and Corporate Services Division of the organization.
Others are Victoria Eze who heads one of the Sales teams in the Head Office in the capacity of an Assistant General Manager and Funmilayo Idodo, who heads the general insurance Department in the Technical Division of the underwriting firm.As all attention will be focused on women all over the world on Friday, March 8, 2024, Sovereign Trust Insurance Plc is wishing all the women a hearty International Women’s Day celebration as they continue to INSPIRE INCLUSION in all spheres of human endeavours.
Africa Re turnover increases by 16:25% in 2023

By Favour Nnabugwu 

 

 

Africa Reinsurance Corporation, Africa Re announced 2023 financial year with a 16.25 percent turnover increase.

Gross written premiums recorded under IFRS 4 exceeded the 1 billion USD mark, reaching 1.106 billion USD against 951.789 million USD at the end of 2022.

This growth was driven by the group’s marketing campaigns, improved market prices, strong demand for reinsurance and economic development in the main markets where Africa Re operates.

The net profit has risen from 23.733 million USD as at 31 December 2022 to 129.145 million USD one year later.

During the reporting period, the net underwriting result stood at 54.806 million USD, representing a 33.68% improvement over one year. The combined ratio gained 0.94 points to 93.51%, compared with 94.45% in 2022. This performance was achieved despite the impact of major claims over the past year, including the earthquakes in Turkey and Morocco.

Investment and other income amounted to 73.873 million USD against 13.124 million USD twelve months earlier