(L-R) Company Secretary, Mrs. Taiwo Ogunbajo; Chairman, Prince Samuel Turoti; MD/CEO, Dr. Sakiru Oyefeso and Director, Mr. Alimson Ganiy all of STACO Insurance Plc at the 21st AGM of STACO Insurance

Staco Insurance grosses N5.40bn premium income

Staco Insurance Plc posted a gross premium of N5.40 billion in 2016, its Chairman, Prince Samuel Turoti, has said.

He disclosed this at the firm’s Annual General meeting (AGM) in Lagos, adding that the net premium earned stood at N3.59 billion, whilst shareholders fund grew by 10.33 per cent from N3.4 billion in 2015 to N3.8 billion and total assets N10.76 billion.

He added that the firm paid claims in the 2016 operating year to the tune of N1.99 billion, of which a substantial part was paid in dollar denomination.

Despite the short-comings resulting from the high exchange rate, the company’s board and 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.

He further said efforts are in top gear to review the company’s circumstances with a view to make it profitable as soon as possible notwithstanding the current economic saturation of the country.

In his review, the Managing Director/Chief Executive Officer of the Company, Dr. Sakiru Oyefeso said “The consequences of the recession being experienced in the country during the year under review has generally resulted in low market confidence and reduction in the disposable income of individuals and body corporate, as expected marketing of Insurance in Nigeria became more intense in the year of review.

“Coupled with this, is insecurity and high cost of operations which remained a source of apprehension and agony to the nation and the business community in particular. In spite of the challenging, uncertain, complex and ambiguous operating business environment, your company has remained steadfast and committed to delivering shareholder values. We are looking beyond the past, present and imagining possible great future for our company.

“The steady progress made by the company since its establishment has been possible through foresighted leadership and excellent team spirit by the staff who vigorously pursue the company’s vision of becoming a world class provider of Insurance and other financial services. The company’s operations are guided by the adoption of the Enterprise Risk Management (ERM) philosophy. The philosophy enables our underwriters to operate on risk based analysis to determine the intended consequences in our operations. Marketing strategy is focused at enhancing product offerings, excellent operations, relationship marketing and exceptional service delivery to our customers.

“We recognize that Insurance Brokers remain by far the largest distribution channel on the market, we thereby place high premium on relationship with Insurance Brokers as they constitute critical stakeholders with whom any progressive underwriting firm must have a relationship,” Oyefeso stated.

Read more at: http://authorityngr.com/2017/08/Staco-Insurance-grosses-N5-40bn-premium-income/

 

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