Staco to unveil new office complex, as Gross Premium hits N6.8bn

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Managing Director, Staco Insurance plc, Mr. Sakiru Oyefeso

In order to strengthen its service delivery, Staco Insurance Plc has acquired two properties adjoining its present head office location for the construction of Ultra-Modern head office complex.
The Chairman of the company, Dere Otubu, disclosed this at the 18th Annual General Meeting (AGM) that the company needs to adequately capitalize in order to compete favourable in the Nigerian Insurance Industry.
On financial performance, Otubu, said the company’s gross premium grew to N6.8billion in the year under review against N6.48billion recorded in 2011; this represent while net increased from n5.99billion in 2011 to N6.28billion at the end of 2012.
He stressed that underwriting result appreciated to stand at N3.12billion in 2012 against N3.06billion achieved in 2011, while profit Before tax and exceptional items rose to N310.76million in 2012 when compared with a loss of N462.97million achieved in 2011.
In his address, the company’s Managing Director, Mr. Sakiru Oyefeso, said the company is strategically focus in growing its business, adding that the management had put in place appropriate strategies to strengthen its core business of insurance.

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