Temitope
Temitope Akinola
Staco Insurance Plc has paid claims amounting to N1.762 billion to its affected policyholders in 2014.
The Managing Director of Staco, Mr Sakiru Oyefeso made this known during the 19th annual general meeting of the underwriting firm in Lagos. He affirmed that Staco ensured all genuine claims were paid during the outgone year thereby reassuring policyholders that prompt settlement of claims will always be the company's priority and continue to be its business philosophy in the coming years.
Oyefeso pointed out that the primary objective of the insurance firm at the beginning of 2014 was to confront the challenge of solvency margin. This challenge the company successfully surmounted as the solvency margin stood at N4.57 billion in 2014 as against N1.03 billion it was in 2013.
Speaking at the event, the company's Chairman, Dere Otubu, informed shareholders that Staco achieved a Gross Premium income of N5.963 billion in 2014 as against N5.764 billion recorded in 2013. This is inspite of the tough domestic terrain.
Other results of the company shows a drop in profit before tax from N570.01 million in 2013 to N137.68 million in 2014. Profit after tax also reduced from N481.33 million in 2013 to N95.98 million in 2014.
The company's total asset increased by about 17% from N8.3 billion in 2013 to N9.7 billion in 2014. Its shareholders fund rose from N3.0 billion to N3.1 billion during the same period under review.
The Managing Director of Staco, Mr Sakiru Oyefeso made this known during the 19th annual general meeting of the underwriting firm in Lagos. He affirmed that Staco ensured all genuine claims were paid during the outgone year thereby reassuring policyholders that prompt settlement of claims will always be the company's priority and continue to be its business philosophy in the coming years.
Oyefeso pointed out that the primary objective of the insurance firm at the beginning of 2014 was to confront the challenge of solvency margin. This challenge the company successfully surmounted as the solvency margin stood at N4.57 billion in 2014 as against N1.03 billion it was in 2013.
Speaking at the event, the company's Chairman, Dere Otubu, informed shareholders that Staco achieved a Gross Premium income of N5.963 billion in 2014 as against N5.764 billion recorded in 2013. This is inspite of the tough domestic terrain.
Other results of the company shows a drop in profit before tax from N570.01 million in 2013 to N137.68 million in 2014. Profit after tax also reduced from N481.33 million in 2013 to N95.98 million in 2014.
The company's total asset increased by about 17% from N8.3 billion in 2013 to N9.7 billion in 2014. Its shareholders fund rose from N3.0 billion to N3.1 billion during the same period under review.
