Staco Insurance post NGN10.8 million loss for nine months

Nigerian Enamelware

Staco insurance plc said it’s loss for the nine months ended September reduced to NGN10.8 million compared to NGN1.1 billion loss recorded in the same period in 2016.

The insurance company recorded NGN4.7 billion as its gross premium written in contrast to NGN4.3 billion reported in the year before while gross premium income was NGN4.9 billion against NGN4.4 billion in the year 2016.

Staco’s einsurance expenses were lower at NGN1.0 billion against NGN1.1 billion in the previous year while net premium income rose to NGN3.8 billion from NGN3.2 billion recorded in the fiscal year 2016.

Investment income increased to NGN164.0 million against NGN86.3 million posted in the previous year.

Staco insurance said its total assets for the period was NGN10.5 billion compared to NGN10.7 billion recorded in 2016 while total liabilities was NGN6.6 billion versus NGN6.9 billion in the year before.

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