STACO Insurance Plc said it paid claims worth N1.99 billion in 2016 and ended the year with a profit of N1.8 billion. The company also disclosed at the weekend that its shareholders’ funds stood at N3.8, up from N3.8 billion in 2015. The company explained that despite the short comings resulting from the high exchange rate, its management was committed to improving its performance, continuously delivering value and positively affecting the lives of its stakeholders by conducting its business in a way that is friendly and ethical with best practices.
STACO Insurance said it intends to embark on strategic expansion aimed at exploring and capturing new frontiers, pursuing and driving the micro insurance concept for a better share of the market value.
The company had paid N1.445 billion claims to its various clients between January and September 2016.
A breakdown of nine months figure showed that N596.55 million was paid on fire business as against N436.38 million paid in 2015; this was the class of business with the highest claims paid.
Next to fire insurance in the quantum of claims paid was General Accident class of business where the sum of N389.96 million was paid on claims, while total claims of N197.32 million and N119.83 were paid on marine and bond respectively, while the sum of N82.70 million and N46.10 million were paid on oil and gas business respectively amongst other claims.
According to the company, its strength lies in its passion for high standards and prompt settlement of claims, noting that it was committed to providing exceptional services to her numerous customers.
STACO Insurance’s quality services has fetched it numerous awards in the past. The latest award was the insurance Personality Leadership Award for year 2016 conferred on the Group Managing Director / Chief Executive of the company, Sakiru Oyefeso by African Prize for Leadership Excellence.
Oyefeso was in 2015 awarded a fellowship of the West African Insurance Institute (WAII), was established by the government of the five English speaking countries in West Africa (Cameroon, Ghana, Liberia, Nigeria, and Sierra Leone) with the support of United Nations Conference on Trade and Development (UNCTAD).
STACO Insurance Plc emerged in July 1994 as a result of discreet acquisition and restructuring carried out on Alpha Insurance Plc. It was incorporated in Nigeria 1991 and subsequently licensed to transact all classes of Insurance business. The company’s capital base is in excess of N6.0 billion and the company was recently rated BBB+ by the Global Rating Co.