By Nse Anthony-Uko
(Sundiata Finance) – Staco Insurance Plc paid a total claims of N1.99 billion in its 2016 financial years, even as a substantial part of it was paid in dollar denomination. This is an indication of the company’s commitment to settle genuine claims as and when due.
Speaking at the company’s 21st Annual General Meeting (AGM) held in Lagos, Its Chairman, Prince Samuel Turoti, said the shareholders Fund of the insurance firm grew by 10.33 per cent at the close of business in 2016. The shareholders fund of the company, according to him, rose from N3.4 billion in 2015 to N3.8 billion in 2016 audited financial statements for the year ended December 31, 2016.
However, he said the company recorded a decline in profit to the tune of N1.8billion. This, he pointed out, was as a result of foreign exchange fluctuations arising from unfavourable exchange rate of the naira to the dollar on the company’s dollar denominated liabilities – both contractual and operational.
Despite the short-comings resulting from the high exchange rate, he disclosed that the company’s board and management reaffirmed its commitment to turning things around for the better by continuously delivering value and positively affecting the lives of its stakeholders and leveraging best practices.
Staco Insurance, he noted, are reviewing the company’s circumstances with a view to make it profitable as soon as possible notwithstanding the current economic saturation of the country.