Sovereign Trust Insurance pays over N6.05bn claims in 2025
Managing Director/ CEO, Sovereign Trust Insurance Plc, Dr. Lucas A. Durojaiye
Nike Popoola
Sovereign Trust Insurance Plc (STIPLC) has reaffirmed its commitment to policyholder satisfaction by announcing a record-breaking claims payout exceeding ₦6.05 Billion for the 2025 financial year. This figure represents a staggering 30% increase compared to the claims settled in 2024 of about ₦4.2 Billion, signaling the company’s robust financial health and “customer-first” philosophy.
The surge in payouts highlights the company’s resilience in a volatile economic landscape, ensuring that individuals and businesses are restored to their positions after unforeseen losses, the company said in a statement on Monday.
A New Chapter of Leadership
This announcement coincides with a strategic leadership transition at the firm. Dr. Lucas Durojaiye (popularly known as Dr. LAD) has officially assumed the role of Managing Director/Chief Executive Officer. A seasoned industry veteran with over 27 years of experience, Dr. Lucas succeeds Mr. Olaotan Soyinka.
“Our 2025 performance is a proof to the trust our clients place in us,” said Dr. Durojaiye. “The over 30% increase in claims paid is not just a statistic; it represents thousands of lives and businesses we have stabilized. Moving forward, our goal is to expand our reach, ensuring more Nigerians are covered while delivering an ‘excellent service’ experience that is seamless, digital, and professional.”
Strategic Outlook for 2026
Under the new leadership, Sovereign Trust Insurance Plc aims to:
Deepen Market Penetration: Reaching the underserved segments of the Nigerian population.
Enhance Service Delivery: Utilizing digital innovation to speed up claims processing.
Strengthen Capital Base: Positioning the firm as a formidable leader in the ongoing industry recapitalization and giving more investment opportunities to its current shareholders through the firm’s proposed rights issue.
Broker-Centric Collaboration: A renewed commitment to Insurance Brokerage Firms. Recognizing brokers as the “trusted advisors” to the public, STI is enhancing its partnership models to ensure faster quotes, seamless documentation, and priority claims processing for broker-led portfolios.
