As a company that is alive toits responsibilities, Staco Insurance Plc paid claims amounting to N1.762 billion to its affected policyholders n 2014, the company’s the Managing Director, Sakiru Oyefeso, said.
Speaking during the 19th annual general meeting of the underwriting outfit in Lagos, Oyefeso affirmed that Staco ensured all genuine claims were paid during the outgone year, reassuring policyholders that prompt settlement of claims will always be the company’s priority and continue to be its business philosophy in the years ahead.
While pointing out that the primary objective of the insurance firm at the beginning of 2014 was to confront the challenge of solvency margin, he confirmed that the company successfully surmounted the challenge as the solvency margin stood at N4.57 billion in 2014 as against N1.03 billion it was in 2013.
Meanwhile, the company’s Chairman, Dere Otubu, informed the shareholders that Staco achieved a Gross Premium income of N5.963 billion in 2014 as against N5.764 billion recorded in 2013, in spite of the tough domestic terrain.
The company’s profit before tax, however, dropped to N137.68 million in 2014 from N570.01 million recorded in 2013, while its profit after tax reduced from N481.33 million in 2013 to N95.98 million in 2014.
The total assets of the organisation increased by about 17 percent from N8.3 billion in 2013 to N9.7 billion in 2014, while its shareholders funds rose from N3.0 billion to N3.1 billion during the same period under consideration.