Staco Insurance announces N5.248 billion premium

Staco Insurance Plc has announced a gross premium income of N5.248 billion for the year ended 31st December, 2010, as against N5,058 billion recorded in 2009.

The Chairman of the Company, Dere Otubu, addressing shareholders at the 16th yearly general meeting held in Lagos, explained that as a result of the implementation of the regulatory guidelines, the profit before tax (PBT), dropped from N538.406 million in 2009 to N70.322 million.

Besides, he said, the profit after tax (PAT) also dropped from N433.154 million in 2009 to N43.054 million in 2010, adding that the board is collaborating with the management in strategies to reverse this position in 2011.

He said: “There are hopes for the market considering the fact that NAICOM is playing its regulatory roles very well by creating insurance awareness in the minds of the insuring public and enforcing regulations and guidelines that will ensure underwriters do their business under best practices that will give the insuring public and investors the much needed confidence in Nigeria’s insurance industry”.

The Managing Director/CEO, Alhaji Sakiru Oyefeso, told the investors “we will continue to improve on the delivery of exceptional quality customer service and aggressive market penetration to further increase our market share and sustain our position as one of the leading insurance underwriters in Nigeria”.

Guardian