Staco insurance Q1 profit rises by 4%

Sakiru Oyefeso

After reporting huge loss in the financial year 2016, Staco insurance plc has released its 2017 first quarter reports showing gross premium income of NGN2.0 billion compared to NGN1.6 billion reported in the same quarter 2016.

The insurance company said its re-insurance expenses for the period was NGN307.2 million against NGN269.7 million recorded in 2016 leaving its net premium income at NGN1.7 billion in contrast to NGN1.4 billion recorded in the year before.

According to the report, Staco insurance recorded NGN312.1 million as its profit before tax in the year under review against NGN292.1 million recorded in the fiscal year 2016. After deducting its tax for the period, the company’s profit for the period increased by 4% NGN271.6 million from NGN261.1 million recorded in 2016.

Staco Insurance plc acquired NGN10.8 billion worth of assets in q1 2017 against NGN10.7 billion acquired in the year before. its total liabilities fell to NGN6.7 billion versus NGN6.9 billion reported in 2016.

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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.