Underwriting firm, Staco Insurance plc has paid claims amounting to N1.762 billion to its affected clients during the 2014 financial year. This does not only underscore the Company’s commitment to meeting its obligations, but how much it cares for its teaming customers, Sakiru Oyefeso, managing director, CEO of the Company has said.
The CEO emphasised that Staco ensured all genuine claims were paid during the outgone year, even as he reassured policyholders that prompt settlement of claims will always be the company’s priority and continue to be its business philosophy in the years ahead.
At the end of 2014 financial year, the underwriting firm recorded a gross premium written of N5.96 billion as against N5.76 billion in 2013 in spite of the tough domestic terrain.
Dere Otubu, chairman of the Company who disclosed this during the19th Annual General Meeting of the Company said the underwriting result was N2.33 billion in 2014 up from N2.12 billion in 2013.
The company’s total assets 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.
During the same period, investment income increased by about 9 percent from N146 billion to N159 billion.
Looking ahead, Otubu assured that the company is determined to continue the consolidation of its footing in the nation’s insurance industry.
He further pointed out that even though 2015 started on a tough note due to sharp drop in oil price coupled with weaker Naira, the Staco boss added that the company will achieve better results than 2014 as the new government is expected to make policy decisions that will impact positively on the insurance industry.
Oyefeso further stated that the primary objective of the insurance firm at the beginning of 2014 was to confront the challenge in the area of solvency margin, confirming that the company successfully surmount the challenge as the solvency margin stood at N4.57 billion in 2014 as against N1.03 billion it was in 2013.
He added that the company’s operations are guided by the adoption of enterprise risk management philosophy, stressing that the philosophy enables its underwriters to operate on risk based analysis to determine the intended consequences in its operations.
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