Staco Insurance grosses N5.40bn premium income in 2016

Staco Insurance grosses N5.40bn premium income in 2016
L-R: Company Secretary, Mrs. Taiwo Ogunbajo; Chairman, Prince Samuel Turoti; MD/CEO, Dr. Sakiru Oyefeso and Director, Mr. Alimson Ganiy all of STACO Insurance Plc at the 21st AGM of STACO Insurance held in Lagos.
United Bank for Africa

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.