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Staco Insurance records N5.96bn premium

Staco Insurance Plc said its gross written premium rose to N5.96bn in its 2014 account recently approved by the National Insurance Commission from N5.91bn in 2013.

According to a statement from the firm on Sunday, its Managing Director, Sakiru Oyefeso, said the firm was one of the insurance companies that submitted their 2014 International Financial Reporting Standards accounts to NAICOM and got approval before the deadline of June 30 given to insurance companies as stipulated in the Insurance Act 2003.

“As Section 26(1) of the Insurance Act 2003 stipulates, every insurer shall not later than 30th June of each year submit to NAICOM, a balance sheet duly audited showing the financial position of the insurer and its subsidiaries at the close of the preceding year together with a copy of the relevant profit and loss account, which the insurer is to present to its shareholders at its annual general meeting,” it stated.

Oyefeso said that the company would always comply with the provisions of the law and that it achieved impressive results.

He added that the company successfully overcame the challenge of solvency margin during the year as this stood at N4. 57bn in 2014, compared to the previous year 2013 when the solvency margin was N1. 03bn.

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