NAICOM Approves 2014 Accounts of Staco Insurance, LASACO

Staco Insurance has emerged one of the companies  that met the June deadline for submission of their IFRS based financial report as the National Insurance Commission (NAICOM) has approved its 2014 accounts.

This was disclosed by the company’s Managing Director Sakiru Oyefeso in a recent statement.

According to him, this means that Staco is one of the few insurance outfits that have submitted their 2014 International Financial Reporting Standards (IFRS) based accounts to NAICOM and got approval before the deadline of June 30 given insurance companies as stipulated in the Insurance Act 2003.

He said that  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, Staco Insurance  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.

According to him, the underwriting firm recorded a Gross Written Premium of N5. 96 billion in 2014, as against N5. 91 billion achieved in 2013.

He added that the company successfully overcame the challenge of solvency margin during the year as its solvency margin stood at N4. 57 billion in 2014, compared to the previous year 2013 when the solvency margin was N1. 03 billion.

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 outgone 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. 

Similarly,NAICOM) has approved the 2014 reports and accounts of LASACO Assurance Plc just as the company has announced a gross premium income of N5.6billion for the the year under review.
The approval is contained in a statement made available to THISDAY by the company  in which it said that  the regulatory authority lived up to its commitment of giving speedy approval for accounts that are well presented in compliance with International Financial Reporting Standard (IFRS).

The highlight of the accounts shows that the company recorded a gross premium income of N5.6billion against N4.9 billion in 2013. In the same vein, LASACO Assurance witnessed a profit before tax of N525 million against N412m made in 2013. Its profit after tax rose to N445 million against N275 million recorded in 2013. The company grew its earning per share from N00.4 in 2013 to N00.6 in the year under review,just as it settled N1.8billion claims and insurance benefits in 2014 while its operating expenses for the year 2014 amounted to N1.54billion representing a decrease of N211million compared to prior year of N1.75billion.

The Group Managing Director of the Company, Mr. Olusola Ladipo-Ajayi explained that the company’s performance in the 2014 financial year was a reflection of team work and strategic deployment of resources, pointing  out that the recent restructuring by the company is paying off.