Sovereign Trust Insurance Claims Rise to N6.05 Billion

Sovereign Trust Insurance Plc has reported a sharp rise in claims payouts, amounting to N6.05 billion for the 2025 financial year, a significant increase from N4.2 billion in 2024. This surge underscores the heightened insurance usage and growing risk exposure across the country.

The new Managing Director and Chief Executive Officer, Luca Durojaiye, emphasized that the company's performance reflects strong customer confidence as it embarks on an expansion drive to reach underserved market segments. The company plans to extend its insurance coverage nationwide, with total insurance revenue projected at N44.6 billion for 2025, representing a 10.32% increase from N40.4 billion in the previous year.

Despite the rise in claims, analysts noted that the increase in policyholder activity indicates greater exposure to risk. The company maintains a strong liquidity position with cash and cash equivalents of N11.9 billion, which supports its operational needs and future payouts.