Sovereign Trust Insurance

What Sovereign Trust Insurance does

Sovereign Trust Insurance Plc is a Nigerian non-life (general) insurance company incorporated in 1995 following the restructuring of Grand Union Assurances Limited and listed on the Nigerian Exchange Limited (NGX: Sovereign Insurance) under the legal entity Sovereign Trust Insurance Plc. The company is headquartered at 17 Adetokunbo Ademola Street, Victoria Island, Lagos, and operates a nationwide branch network of roughly 15 offices spanning Lagos (Apapa, Ikeja, Central, Surulere, plus Victoria Island HQ and Annex), Ibadan, Akure, Port Harcourt, Enugu, Aba, Yenagoa, Warri, Abuja, Kaduna, Kano, and Ilorin. It employs between 251 and 500 people and has maintained an A- (stable) rating from Global Credit Rating (GCR) for over a decade.

The company underwrites a 28+ product portfolio spanning motor, marine, aviation, oil & gas, fire and extraneous perils, burglary, consequential loss (business interruption), contractors all risk, erection all risk, electronic equipment, machinery breakdown, plant all risk, goods in transit, money, fidelity guarantee, occupiers' liability, products liability, public liability, professional indemnity, builders' liability, healthcare indemnity, workmen's compensation, personal/group accident, all-risk portable items, and householder/houseowner insurance. Its standout differentiated product is PAY-U Insurance, a usage-based motor insurance product sold through a dedicated mobile app (Android and iOS) that lets policyholders pay per minute, hour, or day while driving or parked. Distribution runs through a hybrid model: direct branch sales, a registered agent program, broker partnerships (notably with United African Insurance Brokers Limited as lead reinsurance broker), online quote-and-buy on stiplc.com, and the PAY-U mobile channel.

Revenue is generated primarily through insurance premiums from corporate and personal lines, with FY2025 insurance revenue of N44.6 billion (~10.32% YoY growth) and total assets of N29.1 billion. Customer segments span oil & gas majors (NNPC, Shell, Chevron, Total E&P, ExxonMobil, Addax), telecommunications (MTN, Airtel), banking (First Bank, Access Bank, GTBank, UBA), manufacturing (Dangote, Cadbury), construction (P.W. Nigeria), public sector (NCAA, NPA), and individual retail customers. Personal lines contribute 42% of Gross Premium Income, with the balance from commercial/corporate lines. The company is currently executing a N5 billion rights issue (approved November 2025) as the first tranche of a N20 billion recapitalization plan aligned with the new Nigerian Insurance Industry Reform Act (NIIRA 2025), with the rights issue targeted for Q1 2026 completion.

Name

Sovereign Trust Insurance

Legal name

Sovereign Trust Insurance Plc

Website

https://stiplc.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

251–500 employees

Short description

Sovereign Trust Insurance Plc is a Nigerian non-life insurance company, listed on the NGX since 1995, underwriting motor, marine, oil & gas, aviation, fire, liability and specialty lines through a 15-branch nationwide network and PAY-U mobile pay-per-use motor insurance, serving oil & gas, banking, telecom, manufacturing, public-sector enterprises and retail customers.

Ownership category

akta.pro rank

Product category

Non-Life Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers and Related Activities (524)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Specialty & Excess/Surplus Lines (E&S) (FSAJAMAH)

akta.pro secondary industries

Commercial Package / Business Owners Policies (BOP) (FSAJAMAG), Product Liability (FSAJADAC), General Liability Insurance (FSAJAMAE)

Keywords

• Non-life insurance
• General insurance
• Motor insurance
• Oil and gas insurance
• Marine insurance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices17 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: Sovereign Trust Insurance generates revenue primarily through insurance premiums from non-life insurance products including motor, marine, oil & gas, fire, travel, and other commercial and personal insurance lines.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Sovereign Trust Insurance Plc underwrites and distributes a broad portfolio of non-life insurance products covering motor, marine, aviation, oil & gas, fire and extraneous perils, burglary, goods-in-transit, travel, personal accident, professional indemnity, public liability, and workmen's compensation for individuals and corporate clients in Nigeria. Distribution runs through the company's own branch offices, registered agents and brokers, and a digital channel that includes online quote-and-buy and the PAY-U pay-per-use motor insurance mobile application. The firm is licensed as a non-life insurer, listed on the Nigerian Exchange Limited, and supported by treaty reinsurance arrangements with multiple international reinsurers.

Product overview

Sovereign Trust Insurance Plc is a non-life insurance company offering a comprehensive portfolio of 28+ insurance products and services. The company operates as a single-platform insurance provider with multiple product lines covering motor, marine, aviation, property, liability, health, and specialty insurance. Core products include Motor Insurance, Family Wellbeing Insurance (SWIS-F), Marine Insurance, Easy Travel Insurance Cover, Oil & Gas Insurance, and All Risk Insurance. The company also offers specialized commercial and liability products including Contractors All Risk, Professional Indemnity, Public Liability, and Workmen's Compensation Insurance. Additional products cover property insurance (Fire & Extraneous Perils, Burglary, House Holder/Owner), accident coverage (Personal/Group Accident), and niche coverage (Electronic Equipment, Money, Fidelity Guarantee). The product portfolio is complemented by a PAY-U Insurance module offering pay-per-minute motor insurance through mobile app integration.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance

Quantifiable outcome

• Insurance revenue grew 10.32% to N44.6 billion in FY2025
• +3 more outcomes

Named customers17 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• Markel Lloyd's Syndicate MKL 3000coreOthersInternational reinsurer providing reinsurance capacity for large risks, part of Sovereign Trust's reinsurance treaty arrangements.
• The Hartford Lloyd Syndicate HIG 1221coreOthersInternational reinsurer providing reinsurance capacity for large risks.
• Korea Reinsurance CompanycoreOthersKorean reinsurer providing reinsurance capacity.
• Nigeria Reinsurance CorporationcoreOthersLocal reinsurer providing reinsurance capacity within Nigeria.
• Continental Reinsurance PlccoreOthersNigerian reinsurance company providing local and international reinsurance capacity.
• Waica Reinsurance PoolcoreOthersWest African regional reinsurance pool providing capacity for regional risks.
• ZEP-Re (PTA Reinsurance Company)coreOthersPretoria Reinsurance Company providing capacity for African risks.
• United African Insurance Brokers LimitedcoreImplementation/ SI/ Consulting PartnerLead reinsurance broker coordinating Sovereign Trust's reinsurance treaty arrangements with global reinsurers.
• Perth ReminorOthersInternational reinsurance broker providing access to global reinsurance markets.
• CICA-ReminorOthersInternational reinsurance broker providing reinsurance market access.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• AIICO Insurance Plc: Nigerian insurer offering non-life products (motor, fire, marine, general accident) to corporate and retail clients, also NGX-listed. Competes with Sovereign Trust in commercial lines and is a relevant comp for post-NIIRA capital-raise execution.
• AXA Mansard Insurance Plc: One of Nigeria's largest non-life insurers offering motor, marine, oil & gas, fire and aviation coverage to enterprises and individuals. Directly comparable in product mix and Nigerian commercial focus, with similar bank-distribution and corporate client profile.
• Leadway Assurance Company Limited: Leading Nigerian composite insurer with a strong oil & gas and corporate account, comparable branch network and similar reliance on Lloyd's-backed reinsurance treaties. Closest competitor in commercial lines and energy sector underwriting.
• Coronation Insurance Plc: Nigerian general insurance company providing motor, fire, marine and oil & gas coverage to enterprises, NGX-listed. Comparable in scale, product breadth and target customer segments within Nigeria.
• Custodian Insurance Plc: NGX-listed Nigerian non-life insurer offering motor, marine, aviation, oil & gas and fire products with similar distribution model. Direct competitor in commercial and energy underwriting in Nigeria.
• Standard Alliance Insurance Plc: Nigerian general insurance company offering motor, fire, marine and energy coverage. Comparable in product breadth and enterprise customer base, and relevant as a potential NIIRA consolidation candidate.
• Zenith General Insurance Company Limited: Nigerian non-life insurer providing motor, marine, fire and oil & gas coverage with strong ties to Zenith Bank's distribution network. Comparable in commercial client profile and product mix.

Broad incumbents

• African Reinsurance Corporation (Africa Re): Africa's largest reinsurer, providing treaty capacity across the continent. Directly relevant as a reinsurance counterparty to Nigerian insurers and as a benchmark for cross-border non-life risk transfer.
• Continental Reinsurance Plc: Pan-African reinsurer headquartered in Nigeria, providing treaty and facultative reinsurance capacity. Comparable as one of Sovereign Trust's core reinsurance partners and as a benchmark for African non-life risk pricing.
• Old Mutual Nigeria (Old Mutual General Insurance): Subsidiary of Old Mutual plc offering non-life insurance in Nigeria with a comparable retail and SME focus. Larger parent group provides funding optionality benchmark for Sovereign Trust's recapitalization strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/stinigeriaplc

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sovereign Trust Insurance