Stacco Insurance Q3 posts 4.98 % growth gross written premium
STACCO Insurance Plc result for the period ended 30th September, 2017 released by the Nigerian Stock Exchange (NSE) on Wednesday, showed propensity for growth as key performance indices inch marginally upwards.
Despite the harsh operating environment, the group experienced a growth of 9.48% in Gross Written Premium to N4,781,668, against N4,367,550 of the prior period result. The growth, the company revealed was achieved on the back of improving relationship with key partners and increasing from new channels.
The net premium income also rose from N3,273,705 to N3,888,302 representing 18.77 per cent increase , Group underwriting result fell from N1,922,220bn to N1,718,550bn, while operating expenses:
Of the Group’ ballooned to N1.6 billion.
Total assets dropped by 1.78 per cent for the group to N10,566,680bn from N10,758,297bn recorded in the same period of 2016. However, for the company, total assets dropped by wider margin of 3.62 per cent to close the third quarter 2017 at N9,782,584m, against N10,150,325m posted in Q3 2016.
The result further showed that the group’s investment Income increased from N81,395m in 2016 to N164,030m in 2017 representing a growth of 101.52%
Shareholders’ funds for the group posted marginal increase by 0.226 per cent to N3, 753,566, from N3, 743,748 recorded in Q3 2016. However, the trend was negative In the company’s shareholders’ funds, as it declined by a wider margin off 8.37 per cent to N3,447,158, against N3,761,977 recorded in third quarter 2016.
According to the result, Group had approximately N2.6bn invested in fixed income and N282.7m in equity instruments and has remained forward looking.
“The forward looking statements, which are subject to change after 30 June, 2017 reflect the group’s expectations as at the time the Board of. Directors approved this document. No obligation is undertaken by the group to update this document publicly or to review the forward looking statements unless required by law,” the company noted.
