STACO INSURANCE : QUARTER 3 - FINANCIAL STATEMENT FOR 2019

About this update from Staco Insurance Plc

[{"type":"text","content":"\n \n STACO INSURANCE PLC\n \n \n \n MANAGEMENT ACCOUNTS\n \n \n FOR THE PERIOD ENDED 30 SEPTEMBER 2019\n \n FINANCIAL HIGHLIGHTS\n \n \n Company\n \n \n Company\n \n \n Company\n \n \n 2019\n \n \n 2018\n \n \n Growth\n \n \n N'000\n \n \n N'000\n \n \n %\n \n \n Major statement of financial position\n \n \n \n Total assets\n \n \n \n 6,473,624\n \n \n \n 6,747,244\n \n \n \n (4.06)\n \n \n Shareholders' funds (2,607,508) (1,819,798) 43.29\n \n \n \n Major statement of comprehensive income\n \n \n \n Gross premium\n \n \n \n 2,044,347\n \n \n \n 3,668,675\n \n \n \n (44.28)\n \n \n Net premium earned\n \n \n 1,701,621\n \n \n 2,724,648\n \n \n (37.55)\n \n \n Investment income\n \n \n 78,116\n \n \n 123,608\n \n \n (36.80)\n \n \n Other income\n \n \n 9,262\n \n \n 39,615\n \n \n (76.62)\n \n \n Net underwriting and claims expenses\n \n \n (1,045,843)\n \n \n (1,445,172)\n \n \n (27.63)\n \n \n (Loss)/profit before taxation\n \n \n (695,094)\n \n \n 90,675\n \n \n 866.58\n \n (Loss)/profit after taxation (760,092) (1,144) ######## \n Information per 50k ordinary share\n \n Earnings per share (kobo)\n \n \n (8)\n \n \n 2\n \n \n 646.98\n \n \n Net assets (kobo)\n \n \n 1\n \n \n 1\n \n \n (0.04)\n \n \n Stock exchange quotation (kobo) at 30\n \n \n September\n \n \n 50\n \n \n 50\n \n \n -\n \n \n Price earning ratio (0.17) 0.03 - \n Number of 50k shares issued\n \n \n \n 9,341,088\n \n \n \n 9,341,088\n \n \n \n -\n \n \n Number of employees Number of branches\n \n \n 319\n 19 \n 319\n \n \n 19 \n \n \n -\n - \n \n CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2019\n \n ASSETS\n \n \n \n Note\n \n \n 30\n \n \n September 2019 N'000\n 31 December\n \n \n 2018\n \n \n N'000\n \n \n Cash and cash equivalents\n \n \n 8\n \n \n 278,031\n \n \n 395,682\n \n \n Financial assets\n \n \n 9\n \n \n 212,881\n \n \n 240,616\n \n \n Trade receivables\n \n \n 10\n \n \n 88,519\n \n \n 85,714\n \n \n Reinsurance assets\n \n \n 11\n \n \n 1,042,133\n \n \n 1,053,008\n \n \n Other receivables and prepayments\n \n \n 12\n \n \n 179,061\n \n \n 184,505\n \n \n Deferred acquisition cost\n \n \n 13\n \n \n 132,110\n \n \n 158,181\n \n \n Investment in subsidiary\n \n \n 14\n \n \n 327,937\n \n \n 327,936\n \n \n Investment properties\n \n \n 15\n \n \n 1,520,000\n \n \n 1,520,000\n \n \n Deffered tax assets\n \n \n 16.1\n \n \n -\...

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