Staco Insurance Plc posted a gross premium of N5.40 billion in 2016, its Chairman, Prince Samuel Turoti, has said.
He disclosed this at the firm’s Annual General meeting (AGM) in Lagos, adding that the net premium earned stood at N3.59 billion, whilst shareholders fund grew by 10.33 per cent from N3.4 billion in 2015 to N3.8 billion and total assets N10.76 billion.
He added that the firm paid claims in the 2016 operating year to the tune of N1.99 billion, of which a substantial part was paid in dollar denomination.
Despite the short-comings resulting from the high exchange rate, the company’s board and management reaffirmed its commitment to turning things around for the better by continuously delivering value and positively affecting the lives of its stakeholders and leveraging best practices.
The Chairman further said that efforts are in top gear to review the company’s circumstances with a view to make it profitable as soon as possible notwithstanding the current economic saturation of the country.
NNN.COM.NG is a portal where you can read latest Nigeria News from all Nigeria Newspapers such as such as Punch, Vangaurd, Daily Times, Thisday, Guardian, Nation, Leadership and more in one place. NNN aggregates Naija News and sort them according to their sources, category and relevance as a way of reducing the effort a news reader needs to put in to reading breaking news in Nigeria and across the world.