STI Reinforces Financial Strength after Successful Rights Issue

Ebere Nwoji

Sovereign Trust Insurance Plc, has reaffirmed its unwavering commitment to delivering on its promise to policyholders through the prompt settlement of genuine claims, maintaining its reputation as a dependable insurer in Nigeria’s dynamic insurance industry.

The underwriting said as at June 30th, 2026, it had paid claims worth over N2.7billion  across its various lines of business, underscoring its capacity to stand by customers when they need it most. 

It said the sustained level of claims settlement reflected the company’s strong operational discipline, sound underwriting practices and healthy financial position affirmed by the GCR international rating agency.

“This commitment comes on the heels of the successful conclusion of the Company’s Rights Issue, which attracted an impressive level of participation from existing shareholders. The strong response further demonstrates the confidence of investors in the company’s strategic direction, corporate governance and long-term growth prospects”.

Speaking on the company’s performance, the Managing Director and Chief Executive officer of the company, Dr Lucas Durojaiye, noted that prompt claims payment remained one of the strongest indicators of an insurer’s financial strength and reliability.