Sovereign Trust Insurance Plc has reinforced its financial resilience with the payment of more than N2.7 billion in claims during the first half of 2026, while successfully completing its Rights Issue to strengthen its capital base for future growth.
The insurer said claims worth over N2.7 billion were settled across its various business lines as of June 30, 2026, reaffirming its commitment to prompt claims payment and customer satisfaction.
According to the company, the volume of claims paid reflects its sound underwriting standards, operational efficiency and strong financial position, which has been affirmed by global credit rating agency GCR.
The claims settlement comes shortly after the successful conclusion of the company’s Rights Issue, which recorded strong participation from existing shareholders. The company said the positive response underscores investors’ confidence in its corporate governance, growth strategy and long-term prospects.
Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, Dr. Lucas Durojaiye, described prompt claims settlement as one of the clearest indicators of an insurer’s financial strength and credibility.
“Our promise to policyholders goes beyond selling insurance policies. We remain committed to honouring our obligations promptly and efficiently while continuing to build a stronger and more resilient organisation for all our stakeholders,” he said.
The company noted that proceeds from the Rights Issue have further strengthened its capital base, enhancing its underwriting capacity and positioning it to pursue business expansion while creating greater value for shareholders, customers and other stakeholders.
Sovereign Trust Insurance added that with a stronger financial foundation and a clearly defined growth strategy, it remains focused on deepening customer confidence, driving innovation and consolidating its position as one of Nigeria’s leading non-life insurance companies.
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