Staco Insurance grosses N84.32m profit in 2015

Staco Insurance Plc said it has recorded a profit after tax (PAT) of N84.32 million during the 2015 business year.

The Chairman of the firm, Mr. Dere Otubu, who disclosed this at the firm’s 20th Annual General Meeting (AGM) in Lagos, said the gross premium stood at N6.19 billion; net premium earned N4.68 billion and profit before tax N168.61 million.

He said that the 2015 was full of challenges, which gave rise to a decrease in revenue of 3.9 per cent from N5.96 billion in 2014 to N5.73 billion in 2015.

Otubu stated that the firm’s underwriting results also decreased by 16.61 per cent, from N2.33 billion in 2014 to N1.94 billion in 2015 while profit before tax fell by 54.72 per cent from N137.68 million to N62.34 million.

Otubu who said the company has also set up platforms that would enable clients pay online added that the provision was made to avoid the rigors associated with premium payments.

He said: “For us in Staco, our core purpose is to be the natural first choice provider of insurance in the Nigerian financial market and in such a way that the delivery of our services will be an integral benefit to all concerned, in order to create great value for our business and for all stakeholders.

“We have consistently been pursuing our vision with vigour and passion for high standards which will see us achieve greater heights in the current year and the years ahead. We have steadily improved on our services delivery to clients; this is aided by investment in information and communications technology and the exposure of our staff to quality customer service training.

“Our investment in system automation has begun to achieve expected dividends, as there has been appreciable improvement in our response time. In order to consolidate the gains, we shall continue to improve

 our processes and devote reasonable attention to meeting the manpower development needs of our employees at all levels during the year, we shall not relent efforts in delivering quality service first time, every time.

“Our internal processes have further guaranteed reduction in overheads streamlining of operations and creations of synergies.

“While we keep focusing on our priority of making the customer first, our ambition is to continue to deliver quality value and positively affect the lives of all stakeholders by conducting our business in a way that is friendly, ethical and beneficial to our immediate communities. In the years to come, we intend to continue to pay special attention to talent development in order to ensure we have the right skills and staff mix to achieve our growth targets.”