Staco Insurance Plc reports N1.198bn loss in third quarter

Staco Insurance Plc recently released its consolidated financial statements for the third-quarter (Q3) period ended September 30, 2016.

The group’s results at the Nigerian Stock Exchange (NSE) showed Loss After Taxation (LAT) of N1.198bn as against Profit After Taxation (PAT) of N466.560mn in the corresponding third-quarter of 2015. From a profit before tax of N512.93mn in Q3’15, Staco Insurance Plc reported N1.1bn Loss Before Tax (LBT) in Q3’16.

The Staco group comprises of Staco Insurance Plc (the Company) and its subsidiary in Sierra Leone. The principal activity of the Company is underwriting of Non-life insurance business while its subsidiary is engaged in the underwriting of Life and Non-life insurance businesses.

The Company’s portfolio cuts across Nigeria’s public and private sectors covering Oil and Gas, Engineering/Construction, Manufacturing, Trade, Aviation, Marine, among others. The Company is also developing its micro insurance arm.

The statement of profit or loss and other comprehensive income for the period under review also revealed group’s gross premiums written declined to N4.367bn from N5.18bn in Q3’15. The group’s net premium income dropped to N3.273bn from N4.067bn in corresponding Q3 period of 2015. Net underwriting income declined to N3.418bn from N4.237bn in Q3’15.