Insurance

Staco Insurance nets N84.32m profit

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From left: Mr. Dere Otubu, former Chairman; Mr. Samuel Turoti, newly appointed Chairman and Dr. Sakiru Oyefeso, Managing Director/CEO all of Staco Insurance Plc at the 20th AGM of the Company held in Lagos.

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Chuks Udo Okonta

Staco Insurance Plc recorded a profit after tax of N84.32 profit in 2015.

The Former Chairman of the firm, Dere Otubu, who disclosed this today at the firm’s 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 noted 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 noted 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.

The firm also announced the appointed of Turoti Samuel as the new chairman.

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