Staco posts N6.4 bn gross premium

Chuks Udo Okonta

Staco Insurance Plc posted a gross premium income of N6.48 billion last year, its Chairman Dere Otubu, has said.

He said this at the company's Annual General Meeting (AGM) in Ijebu Ode, Ogun State. He added that the company recorded N5.24 billion premium income in 2010.

Otubu, said the firm made a provision for doubtful investment totaling N1.37 billion.

Its Managing Director Sakiru Oyefeso, said the firm has anchored its growth strategies on the preservation of its vision and core values on workforce startegy, service delivery and marketing strategy.

He said the company is poised to increase its market share and sustain its position as a leading light in the industry, adding that the firm will improve its collection drive in line with the resolve to ensure significant recovery of outstanding premium, while ensuring that age analysis of debts for new transactions is reduced to the barest minimum in line with the National Insurance Commission (NAICOM) guidelines.