With a gross written premium of N5.96 billion in 2014, as against N5.91 billion achieved in 2013, as well as solvency margin of N4.57 billion in 2014, compared to the previous year’s N1.3 billion, underwriting firm Staco Insurance plc is stronger with high capacity to meet claims obligation.
The Company, which has just secured approval for its 2014 financial year, said it has been able to strengthen its books and now properly positioned to increase shareholder value by tapping deeper into opportunities in the market.
The National Insurance Commission (NAICOM) has approved our 2014 full year financial accounts and we are happy about it, Sakiru Oyefeso..
This places Staco as one of the first 23 firms to have received approval for their 2014 International Financial Reporting Standards (IFRS) based accounts from NAICOM ahead of the June 30 deadline given to insurance companies to submit their audited full year accounts 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 journalists 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.
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 out gone 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.
We have been able to over the initial challenges with compliance to IFRS and with a lot of investment in infrastructure across the industry, the system is getting easier and simple as year’s role bye, a manager in the Company said.