Staco Insurance Reports NGN1.1 Billion Debt In Nine Months

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Nigeria’s insurance sector has again highlighted its delicate and risk prone nature with another result from Staco Insurance showing the company made a net loss of NGN1.1 billion in nine months.

The significance of the loss is clear when you know the company’s profit actually dropped by 314% because in 2015, the company reported a net profit of NGN512 million.

Staco Insurance disclosed that its gross premium written for the period dropped by 15.7% to NGN4,3 billion compared to NGN5,1 billion.

This is normal for most companies across the financial services sector. The company noted that the “19.18% in gross premium written in 2016 compared to 2015 owing to short term cover by the insured as well as the hard economic time in the country”.

Staco Insurance has cut down its operating expenses to NGN81,3 million versus NGN149 million expended in the year before.

Total asset has increased to NGN4,5 billion compared to NGN4,0 billion. Staco Insurance said its total liabilities increased to NGN

Corporate information

Staco Insurance Plc is a company incorporated and domiciled in Nigeria. The Company emerged in July, 1994 as a result of a discreet acquisition and restructuring carried out on Alpha Insurance Plc. The RC No. of the company is 167274 of 10th October, 1991 and was subsequently licensed to transact all classes of non-life insurance business with Registration No. RI 135 and RI 135L on 1st October, 1994.

The company under the new name commenced General Insurance Business and Special Risks with Registration No. RIC-O53.The address of the Company’s registered office is 209, Herbert Macaulay Street, Ebute Metta, Lagos. The company is listed on the Nigerian Stock Exchange.

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