The National Insurance Commission has approved the 2016 audited financial statements of Staco Insurance Plc for publication.
This was disclosed in a statement released by the insurer on Sunday.
NAICOM is the apex body established to regulate and supervise the Nigerian insurance sector.
With the regulator’s approval, the company said it was at liberty to publish the audited financial statements for the year ended December 31, 2016 in the national dailies.
The approval was granted after a confirmation that Staco Insurance had substantially complied with the commission’s regulatory requirement, the statement explained.
From the approved 2016 financial statements, the shareholders fund of the company rose from N3.4bn in 2015 to N3.8bn in 2016, representing an increase of 10.33 per cent with a positive solvency margin.
The company, at the end of 2016 financial year, recorded a decline in profit to the tune of N1.8bn. This, according to it, is as a result of foreign exchange fluctuations arising from unfavourable exchange rate of the naira to the dollar on the company’s dollar denominated liabilities – both contractual and operational.
The insurer said it paid claims in the 2016 operating year to the tune of N1.99bn, of which a substantial part was paid in dollar denomination.
Despite the short-comings resulting from the high exchange rate, the company’s management reaffirmed its commitment to turning things around for the better by continuously delivering value and positively affecting the lives of its stakeholders and leveraging best practices.
The company revealed plans to embark on strategic expansion aimed at exploring and capturing new frontiers, pursuing and driving micro insurance concept for a better share of the market and increasing market value.
Staco Insurance was established in 1994 to provide cover under the general insurance and special risks business.