Despite the challenges of the recapitalization exercise that took place in the insurance industry last year, gross premium income of STACO Insurance rose by 67 per cent, from N1.011 billion in 2005 to N1.684 billion in 2006, while profit before tax improved by 80 per cent. Total assets of the company rose by 197 per cent.
Dere Otubu, chairman, STACO Insurance, commenting on the financial result of the company, promised shareholders that the company would attain greater heights in the current year and ensure the achievement of its set objectives.
“Our company has undergone a rebirth in so many aspects. We will always compare ourselves with the best, no matter what we do”, he said.
Noting that the future is bright for successful recapitalized insurance companies, Otubu said, “to remain a leading light, we must innovate more. The years of offering generic policies to the public are gone. STACO Insurance is prepared for this new direction and we expect the cooperation of shareholders”.
In advancing this course, STACO Insurance was recently listed on the floor of the Nigerian Stock Exchange.
