Sovereign Trust Insurance Plc, STI, said it has put in place a very effective and efficient operational mechanism going forward.

In a statement, according to its 2012 annual report, the company with a shareholders’ fund of N3.1 billion said it was able to underwrite a gross premium of N7.5 billion, representing a 17.09 per cent growth increase over a sum of N6.4 billion recorded in the previous year.

“What this portends is that the company’s performance indicates proficient utilisation of resources during the year under review and the trend is likely to continue in that regard in subsequent times,” the statement said.

The Return on Capital Employed, ROCE) is put at 47.04 per cent while Gross Revenue on Capital Employed, (GROCE) stood at 2.39 per cent.