The National Insurance Commission (NAICOM) has approved the 2014 accounts of Staco Insurance Plc, the company’s Managing Director, Sakiru Oyefeso, has confirmed.
This means that Staco is one of the few insurance outfits that have submitted their 2014 International Financial Reporting Standards (IFRS) based accounts to NAICOM and got approval before the deadline of June 30 given insurance companies as stipulated in the Insurance Act 2003.
As Section 26(1) of the Insurance Act 2003 stipulates that 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, Oyefeso assured that the company will always comply with the provisions of the law.
Oyefeso, who was responding to questions from journalist in Lagos, informed that the insurance company achieved impressive results during the outgone year. He noted that the board and management of Staco are also elated that the organisation was able to secure the approval of NAICOM earlier than the previous year.
According to him, the underwriting firm recorded a Gross Written Premium of N5.96 billion in 2014, as against N5.91 billion achieved in 2013.
He added that the company successfully overcame the challenge of solvency margin during the year as its solvency margin stood at N4.57 billion in 2014, compared to the previous year 2013 when the solvency margin was N1.03 billion. As a company that is alive to its responsibilities, Oyefeso said Staco ensured that all genuine claims were paid to its affected policyholders during the outgone year. He further reassured policyholders of the insurance firm that the prompt settlement of genuine insurance claims has always been prioritised, adding that this will continue to be the business philosophy of the company in years ahead.