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Revenue Accounts

 
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STACO INSURANCE PLC
REVENUE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2011
 
 
FIRE &   GENERAL OIL AND 2011 2010
ENGINEERING   MOTOR ACCIDENT MARINE BOND ENERGY AVIATION TOTAL TOTAL
Income N'000   N'000 N'000 N'000 N'000 N'000 N'000 N'000 N'000
                     
Direct premium written 1,118,495   2,510,809 1,043,779 906,640 158,016 565,304 37,259 6,340,302 5,242,206
Inward reinsurance premium 134,676   1,205 8,956 338 - - - 145,175 6,250
Gross premium written 1,253,171   2,512,014 1,052,735 906,978 158,016 565,304 37,259 6,485,477 5,248,456
(Increase)/decrease in provision
for unexpired risks (13,584)   (37,817) (11,537) (19,962) (1,799) (160,412) 10,759 (234,352) (94,796)
Gross premiums earned 1,239,587   2,474,197 1,041,198 887,016 156,217 404,892 48,018 6,251,125 5,153,660
Reinsurance cost (250,918)   (102,184) (9,146) - - (362,248) (385,019)
Prepaid reinsurance 83,326   - - 24,870 2,288 - - 110,484 -
Premiums earned 1,071,995   2,474,197 1,041,198 809,702 149,359 404,892 48,018 5,999,361 4,768,641
                     
Commission received 62,730   - 553 24,557 2,515 - - 90,355 79,829
Total income 1,134,725   2,474,197 1,041,750 834,259 151,874 404,892 48,018 6,089,716 4,848,470
                     
Expenses
Direct caims paid 301,168   662,230 243,386 82,737 9,670 88,536 14,175 1,401,902 1,546,398
Increase/(decrease) in claims incurred
but not reported 41,641   (12,604) (52,409) 12,385 31,736 - - 20,749 54,457
Gross claims incurred 342,809   649,626 190,977 95,122 41,406 88,536 14,175 1,422,651 1,600,855
Reinsurance claims recoveries (136,140)   (20,955) (18,449) (35,003) (4,430) (2,088) - (217,065) (383,903)
Net claims incurred 206,669   628,671 172,528 60,119 36,976 86,448 14,175 1,205,586 1,216,952
Acquisition cost 279,756   643,137 261,068 226,767 39,523 141,393 9,319 1,600,963 1,330,813
Maintenance expenses 20,643   47,458 19,264 16,733 2,916 10,434 688 118,136 95,535
Total expenses 507,068   1,319,266 452,860 303,619 79,415 238,275 24,182 2,924,685 2,643,300
                     
Underwriting profit 627,657   1,154,931 588,890 530,640 72,459 166,617 23,836 3,165,031 2,205,170
                     
                     

 

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