Staco Insurance reports NGN1.8 billion loss for 2016

Ali Sule Yakasai

For the full year period of 2016, Staco Insurance made a net loss of NGN1.8 billion against NGN84.3 million profit recorded in the financial year 2015.

Gross premium for the period rose to NGN5.1 billion against NGN6.1 billion recorded in the same quarter 2015. Its reinsurance expenses for the period was NGN1.5 billion against NGN1.4 billion posted in the previous year.

The Insurance company said its net premium income fell to NGN3.5 billion in contrast to NGN4.6 billion posted in the year 2015. its net underwriting income was NGN3.6 billion compared to NGN4.8 billion recorded in the fiscal yer 2015.

The company recorded NGN1.7 billion loss before tax in the year in under review against NGN168.6 million profit recorded in the year 2015.

Staco insurance plc acquired NGN10.7 billion worth of assets in the year 2016 against NGN10.9 billion acquired in 2015. its total liabilities was NGN6.9 billion versus NGN7.4 billion recorded in the year before.

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Company Information

STACO Insurance Plc emerged in July 1994 as a result of discreet acquisition and restructuring carried out on Alpha Insurance Plc.

It was incorporated in Nigeria with RC. No. 167274 on 10th October 1991 and subsequently licensed to transact all classes of 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 038.

Owned by Nigerians who have distinguished themselves in their various business endeavours and manned by seasoned professionals who have proven integrity in the Nigerian Insurance Industry. The company’s capital base is in excess of six billion Naira. Our strength lies in our passion for high standards and prompt claims settlement.

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