Lagos, Nigeria – Sovereign Trust Insurance Plc paid out 6.05 billion naira in claims during full-year 2025, a sharp rise from 4.2 billion naira in 2024.
This increase reflects stronger policyholder activity across Nigeria, West Africa’s bustling insurance market. New Managing Director Dr. Lucas Durojaiye, who succeeded Olaotan Soyinka, now leads efforts to reach untapped customer segments nationwide.
The firm posted insurance revenue of 44.6 billion naira, up 10.32 percent from 40.4 billion naira last year. Received premiums grew to 46.2 billion naira. After netting 1.6 billion naira in coverage liabilities, revenue settled at that figure.
Service expenses took 21.9 billion naira, while reinsurance costs hit 18.5 billion naira. This left an insurance service result of 4.1 billion naira, down from 6.6 billion naira in 2024 due to higher payouts.
Okay News reports solid investment gains too. Financial assets brought in 1.53 billion naira. Other operating expenses reached 4.8 billion naira, yielding a net result of 1.025 billion naira pre-tax.
After 182.4 million naira in taxes, profit after tax landed at 842.6 million naira. Dr. Durojaiye noted, “Our 2025 performance is proof of the trust our clients place in us.” He eyes broader market penetration next.
Shares rocketed 241 percent in 2025 on the Nigerian Exchange, with record volume of 6 billion shares traded. Price peaked at 3.90 naira in October. Year-to-date 2026 saw a dip to 2.10 naira, creating buy opportunities.
Total assets climbed to 29.1 billion naira from 28.3 billion naira. Cash and equivalents formed the bulk at 11.9 billion naira. Insurance contract liabilities stood at 13.05 billion naira, or 55.18 percent of total liabilities.
Shareholders’ funds reached 15.9 billion naira, bolstered by 621.3 million naira in retained earnings. This strong equity base supports expansion plans. The company targets more Nigerians with tailored products.
Higher claims signal deeper market trust amid economic shifts. Leadership change brings fresh strategies for growth. Investors watch for share recovery above recent highs.
