Staco Insurance PlcNSENG: STACO

Year end - financial statement for 2019

Jul 29, 2025 at 12:24 PM UTC · Issued by Staco Insurance Plc

STACO INSURANCE PLC MANAGEMENT ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2019

FINANCIAL HIGHLIGHTS
	2019	2018	Growth
	N'000	N'000	%
Major statement of financial position
Total assets	3,272,328	3,625,431	(9.74)
Shareholders' funds (6,578,985) (6,608,598) (0.45)
Major statement of comprehensive income
Gross premium	2,393,682	4,252,855	(43.72)
Net premium earned	2,460,795	3,472,611	(29.14)
Investment income	87,322	113,749	(23.23)
Other income	126,265	51,756	143.96
Net underwriting and claims expenses	(1,297,915)	(3,442,784)	(62.30)
(Loss)/profit before taxation	69,615	(6,535,186)	101.07

(Loss)/profit after taxation 29,615 (6,691,104) 100.44

Information per 50k ordinary share

Earnings per share (kobo)	0	(74)	100.43
Net assets (kobo)	0	0	(0.10)
Stock exchange quotation (kobo) at 30
September	50	50	-
Price earning ratio 0.01 (1.47) -
Number of 50k shares issued	9,341,088	9,341,088	-
Number of employees Number of branches	319 19	319 19	- -

CONSOLIDATED STATEMENT OF FINANCIAL AS AT 31 DECEMBER 2019	POSITION
		31	31
		December	December
		2019	2018
ASSETS	Note	N'000	N'000
Cash and cash equivalents	8	154,013	365,027
Financial assets	9	187,771	199,500
Trade receivables	10	59,941	55,700
Reinsurance assets	11	458,799	463,374
Other receivables and prepayments	12	11,144	6,269
Deferred acquisition cost	13	62,171	176,693
Investment in subsidiary	14	284,451	284,451
Investment properties	15	1,520,000	1,520,000
Deffered tax assets	16.1	-	-
Leased assets	17	(0)	6,350
Property ,plant and equipment	18	234,039.08	248,068
Statutory deposit	19	300,000	300,000
Intangible asset	20	(0)	(0)
Total assets		3,272,328	3,625,431
LIABILITIES Insurance contract liabilities	21	3,307,749	3,821,498
Financial Liabilities	22	5,031,029	5,164,297
Trade payables	23	762,302	755,647
Other payables	24a	582,577	304,934
Deferred tax liabilities	16.1	98,050	98,050
Employee benefit liability	26	-	-
Taxation	27	69,607	89,605
Total liabilities		9,851,313	10,234,031
EQUITY	28
Issued share capital	28a	4,670,544	4,670,544
Share premium	28c	434,164	434,164
Revaluation reserve	28d	1,595,299	1,595,299
Fair value reserve	28e	241,398	241,399
Contingency reserve	28f	2,286,282	2,214,472
Retained earnings	28g	(15,806,673)	(15,764,476)
Shareholders' funds		(6,578,985)	(6,608,598)
Total Liabilities and Equity		3,272,328	3,625,433

…………………………………..	……………………………………	………………………………….
Jide Omotere	Bayo Fakorede	Alh Mohammed Sidi-Aliyu
Chief Financial Officer	Ag. Managing Director	Chairman
FRC/2013/ICAN/00000002180	FRC/2013/CIIN/00000004099	FRC/2014/ICAN/00000006807

The statement of significant accounting policies on pages 12 to 38 and the accompanying notes on pages 43 to 96 form part of these financial statement.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019

		01.10 - 31.12 2019	31 December 2019	01.10 - 31.12 2018	31 December 2018
Note		N'000	N'000	N'000	N'000
Gross Premiums written	29	349,335	2,393,682	558,586	4,252,855
Gross Premium Income	29a	860,649	3,105,026	1,050,811	4,571,127
Reinsurance expenses	29b	(101,475)	(644,232)	(174,461)	(1,098,516)
Net Premium Income	29	759,174	2,460,795	876,350	3,472,611
Fees and Commission Income	30	23,661	153,422	42,484	240,763
Net underwriting Income		782,835	2,614,216	918,834	3,713,374
Claims expense	31	(160,817)	(717,069)	(935,217)	(2,665,037)
Underwriting expenses	32	(91,254)	(580,846)	(221,296)	(777,747)
Net underwriting and claims expenses		(252,072)	(1,297,915)	(1,156,514)	(3,442,784)
Underwriting results	7	530,763	1,316,302	(237,679)	270,590
Investment income	33	9,206	87,322	(13,952)	113,749
Net realised gain/(loss) on financial assets	34	-	-	-	-
Other income	35	117,003	126,265	2,746	51,756
Operating and administrative expenses	36	136,749	(1,360,669)	(1,494,936)	(6,363,375)
Interest on convertible bond	37	(29,011)	(99,605)	(38,342)	(607,906)
Impairment loss on trade receivables	38	-	-	-	-
Profit / (Loss) before taxation		764,709	69,615	(1,782,164)	(6,535,186)
Taxation	27.1	(5,000)	(40,000)	(5,000)	(155,918)
Profit / (Loss) for the year		759,709	29,615	(1,787,164)	(6,691,104)
Other comprehensive income
Net fair value gain (loss) on available for sale financial assets	28e	-	-	-	(132,256)
Foreign exchange translation gain/(loss)	28f	-	-	-	-
Appreciation on investment in subsidiary			-	-	(43,486)
Total comprehensive income/(loss) for the year		759,709	29,615	(1,787,164)	(6,866,846)
Profit/(Loss) attributable to:
Owner of equity Non controlling interest		759,709	29,615 -	(1,787,164)	(6,691,104) -
		759,709	29,615	(1,787,164)	(6,691,104)
Total comprehensive income/(loss) attributable to :
Owner of equity Non controlling interest		759,709	29,615 -	(1,787,164)	(6,866,846) -
		759,709	29,615	(1,787,164)	(6,866,846)
Earning per share(kobo)
- Actual		9	0	(75)	(74)
- Adjusted		9	0	(75)	(74)

The statement of significant accounting policies on pages 12 to 38 and the accompanying notes on pages 43 to 96 form part of these financial statement.

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2019
				Fair value
Share		Share	Revaluation	(Available for	Contigency	Retained	Total
Capital		Premium	Reserve	sale) Reserve	Reserve	Earnings	Equity
N'000		N'000	N'000	N'000	N'000	N'000	N'000
Balance as at 1 January 2018 4,670,544		434,164	1,595,299	417,141	2,077,338	(8,936,237)	258,250
Total comprehensive income for the year	-	-	-	(175,742)	-	-	(175,742)
Issue of share capital	-	-	-	-	-	-	-
Transfer to contigency reserve	-	-	-	-	137,134	(137,134)	-
Transfer from (to) retained earning	-	-	-	-	-	(6,691,104)	(6,691,104)
Dividend	-	-	-	-	-	-	-
Revaluation surplus	-	-	-	-	-	-	-
Balance as at 31 December 2018	4,670,544	434,164	1,595,299	241,399	2,214,472	(15,764,475)	(6,608,596)
Balance as at 1 January 2019	4,670,544	434,164	1,595,299	241,399	2,214,472	(15,764,476)	(6,608,598)
Total comprehensive income for the
year	-	-	-	-	-	-	-
Issue of share capital	-	-	-	-	-	-	-
Transfer to contigency reserve	-	-	-	-	71,810	(71,810)	-
Transfer from (to) retained earning	-	-	-	-	-	29,615	29,615
Dividend	-	-	-	-	-	-	-
Revaluation surplus	-	-	-	-	-	-	-
Balance as at 31 December 2019	4,670,544	434,164	1,595,299	241,399	2,286,282	(15,806,671)	(6,578,983)

STACO INSURANCE PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
		31	31
		December	December
		2019	2018
Cash flow from operating activities	Note	N'000	N'000
Premium received from policy holders		2,389,441	4,257,292
Reinsurance receipts in respect of claims		421,589	85,240
Reinsurance cost		(629,732)	(1,098,516)
Cash paid to and on behalf of employees		(827,789)	(994,120)
Other operating cash payments/receipts		(246,968)	(331,829)
Commission paid		(381,135)	(568,624)
Maintenance Cost paid		(85,189)	(224,681)
Claims paid		(941,063)	(1,929,543)
Tax paid		(59,998)	(81,819)
Net cash provided by operating activities	44	(360,843)	(886,600)
Cash flow from investing activities Purchase of property,plant and equipment	18	(1,608)	(42,789)
Purchase of intangible asset Fund placement proceed		- 99,499	- -
Dividend received		37,747	25,088
Interest received		49,576	88,661
Financial Assets Proceed		11,729	(41,810)
Proceeds from sales of assets		103,917	-
Net cash provided by investing activities		300,859	29,150
Cash flow from financing activities Change in borrowings		(151,030) 0	(152,499)
Proceeds from issue of share capital Repayment of finance lease liabilities		- -	- -
Net cash used in financing activities		(151,030)	(152,499)
Net increase/(decrease) in cash and cash
equivalents		(211,014)	(1,009,949)
Cash and cash equivalents at the beginning of the
year		365,027	1,374,976
Cash and cash equivalents at the end of the year
		154,013	365,027
Represented by:
Cash at bank and in hand Cashbook overdrawn	8	154,013 -	365,027 -
		154,013	365,027

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

RISK MANAGEMENT FRAMEWORK (CON'TD) CAPITAL MANAGEMENT

The Group's objectives with respect to capital management are to maintain a capital base that is structured to exceed regulatory and to best utilize capital allocations

Insurance industry regulator measures the financial strength of Non-life insurers using a solvency margin model, NAICOM generally expects non-life insurer to comply with this capital adequacy requirement.

Section 24 of the Insurance Act 2003 defines Solvency Margin of a Non-life insurer as the difference between the admissible assets and liabilities and this shall not be less than 15% of net premium income (gross premium income less re-insurance premium paid) or the minimum capital base (3 billion) whichever is higher.

The test compares insurers' capital against the risk profile. The regulator indicated that the insurer should produce a minimum solvency margin of 100%. During the period, the Group consistently operated above the minimum. The regulator has the authority to request more extensive reporting and can place restrictions on the Group's operations as deemed necessary if the Group falls below this requirement.

The solvency margin for the Company as at 31 December 2019 is as follows:

ASSETS:

	ADMISSIBLE	IN ADMISSIBLE	TOTAL
	N'000	N'000	N'000
Cash and cash equivalents	154,013	-	154,013
Financial assets	187,771	-	187,771
Insurance receivables	59,941		59,941
Reinsurance assets	458,799	-	458,799
Other receivables	-	11,144	11,144
Deferred acquisition cost	62,171	-	62,171
Investment in subsidiary	-	284,451	284,451
Investment properties and land	1,520,000	-	1,520,000
Leased assets	(0)		(0)
Property and equipment	234,039	-	234,039
Statutory deposit	300,000	-	300,000
Intangible assets	-	(0)	(0)
Total assets	2,976,735	295,594	3,272,328
LIABILITIES
Investment contract liabilities	-	-
Insurance ccontract liabilities	3,307,749	-	3,307,749
Borrowings	5,031,029	-	5,031,029
Trade payables	762,302	-	762,302
Other payables	582,577	-	582,577
Deferred tax liabilities	-	98,050	98,050
Current income tax liabilities	69,607	-	69,607
Total liabilities	9,753,263	98,050	9,851,313
SOLVENCY MARGIN	(6,776,528)
MINIMUM REQUIRED	3,000,000

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019 RISK MANAGEMENT FRAMEWORK (CON'TD) CAPITAL MANAGEMENT

The Company further developed an internal capital adequacy model that assesses the risk of assets, policy liabilities and other exposures by applying various factors. The model calculates the capital required for each class of the broad risks identified by the Company and aggregates through co-variance methodology that considers the relationship between these risk categories.

As at period end, the Company showed a negative solvency margin of N6,850,361.07 and a solvency ratio of (228.35)%

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

7 SEGMENT INFORMATION- COMPANY

Segment Information

Following the management approach of IFRS 8, the company is organised into eight operating segments. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. Management identifies its reportable segments by product line. These segments and their respective operations for the period ended 31 December, 2019 are as follows:

Fire

General accident Motor vehicle

Oil and gas Marine Aviation Bond

Engineering
		General	Motor	Oil and
	Fire	Accident	Vehicle	Gas	Marine	Aviation	Bond	Engineering	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Gross premium written	603,572	365,344	804,443	194,355	314,609	12,555	23,019	75,785	2,393,682
Gross premium income	769,531	451,996	968,501	281,718	483,687	12,965	35,116	101,513	3,105,026
Re-insurance expenses	(374,525)	(4,626)	(30,206)	(60,461)	(95,220)	(3,406)	(3,622)	(57,666)	(629,732)
Net premium income	395,005	447,370	938,295	221,257	388,466	9,559	31,494	43,847	2,475,295
Fee Income and commission	77,521	1,354	5,286	25,987	29,473	1,250	1,570	10,982	153,422
Investment returns -
Net underwritting income	472,527	448,724	943,581	247,244	417,939	10,809	33,064	54,829	2,628,716
Claim expenses(Gross)	(228,581)	(131,351)	(234,012)	(161,212)	(78,458)	(50,407)	(6,260)	(50,782)	(941,063)
Insurance claims recovered / recoverable from reinsurers	317,227	142,247	207,158	(443,766)	13,279	15,390	5,152	(32,693)	223,994
Net insurance benefits and claims	88,646	10,896	(26,854)	(604,978)	(65,180)	(35,017)	(1,108)	(83,475)	(717,069)
Underwriting expenses	(161,178)	(90,797)	(130,480)	(55,199)	(117,823)	(419)	(5,566)	(19,384)	(580,846)
Total expenses	(72,532)	(79,900)	(157,334)	(660,177)	(183,002)	(35,436)	(6,674)	(102,859)	(1,297,915)
Reportable segment profit	399,995 368,823 786,247			(412,933)	234,936	(24,626)	26,389	(48,030)	1,330,802

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

SEGMENT INFORMATION CONT'D- COMPANY

The segment information provided by Management for the reporting segments for the year ended 31 December 2018

	Fire	General Accident	Motor Vehicle	Oil and Gas	Marine	Aviation	Bond	Engineering	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Gross premium written	1,026,397	681,984	1,327,754	493,277	426,224	134,443	33,103	129,672	4,252,854
Gross premium income	1,131,387	688,326	1,400,644	595,608	436,241	137,781	41,777	139,362	4,571,126
Re-insurance expenses	(493,594)	(34,915)	(52,303)	(312,983)	(151,182)	(4,063)	(8,898)	(40,578)	(1,098,516)
Net premium income	637,793	653,411	1,348,341	282,625	285,059	133,718	32,879	98,784	3,472,610
Fee Income and commission	124,707	6,862	6,281	41,722	33,897	6,606	2,623	18,065	240,763
Investment returns	-	-	- -		- -		-	-	-
Net underwritting income	762,500 660,272		1,354,622 324,347 318,956 140,324 35,502					116,849 3,713,373
Claim expenses(Gross)	(650,812)	(250,260)	(378,608)	(928,890)	(345,673)	(3,475)	(22,045)	(34)	(2,579,797)
Insurance claims recovered from reinsurers	61,159 (136,890)		(163,399)	97,139 13,548 43,818 1,150				(1,764)	(85,240)
Net insurance benefits and claims	(589,653)	(387,150)	(542,007)	(831,751)	(332,125)	40,343 (20,895)		(1,798)	(2,665,037)
Underwriting expenses	(214,300)	(135,921)	(210,629)	(38,189)	(117,251)	(26,667) (6,387)		(28,403)	(777,747)
Total expenses	(803,953)	(523,071)	(752,636)	(869,941)	(449,376)	13,676 (27,282)		(30,202)	(3,442,784)
Reportable segment profit	(41,453)	137,201	601,986 (545,594)		(130,420)	154,000 8,221		86,647	270,589

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019
	31 December 2019	31 December 2018
	N'000	N'000
8 CASH AND CASH EQUIVALENTS
Cash in hand Due from banks and other financial institutions (note 8.1)	880	5

153,134 365,022

154,013 365,027

8.1 Due from banks and other financial institutions

Balances held with banks 64,566 176,955

Placement with banks 88,568 188,067

153,134 365,022

Short-term deposits are made for varying period of one day and three months depending on the immediate cash requirement of the group.

For the purpose of cash flows, cash and cash equivalents comprises include cash and bank balances (as above)

154,013 365,027

		31 December	31 December
		2019	2018
9	FINANCIAL ASSETS	N'000	N'000
	The group financial assets are summarised below by measurement category : Held to maturity (Note 9.1)	87,334	11,109
	Loans and receivables (Note 9.2)	6,891	9,784
	Available for sale financial asset (Note 9.3)	93,546	178,607
		187,771	199,500
9.1	Held to maturity Government securities	80,699	4,474
	Treasury bills	6,635	6,635
		87,334	11,109
	Due within 12 months	-	6,635
	Due after 12 months	87,334	4,474
		87,334	11,109
	There are no impaired held to maturity investments at 31 December 2019
	(2018 nil)
9.2	Loan and receivables Staff loan	6,891	9,784
		6,891	9,784
		6,891	9,784
	Due within 12 months	(59,545)	3,412
	Due after 12 months	66,437	6,372
		6,891	9,784
9.2a	Staff loan	115,175	118,067
	Allowance for impairment (Note 9.2c)	(108,283)	(108,283)
		6,891	9,784

For loans and receivables exceeding 12 months, the estimated fair values of the loans and receivables are the discounted amount of the estimated future cash flows expected to be received. Expected cash flows are discounted factor at current market rates to determine fair value. For loans and receivables with maturity period of below 12 months, no discounting was applied.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

b Movement on the provision for impaired loans and receivables are as follows :
Company Staff loan Total
N'000 N'000
At beginning of year (108,283) (108,283) Provision for impairment - -
Provision no longer required -
Amount written off during the year as uncollectible -Unused amount reversed (108,283) - (108,283)
Company Company
31
December 2019
31
December 2018
N'000 N'000
Available for sale investment

Listed 16,866 101,927

Unlisted 76,680 76,680

93,546 178,607

Due within 12 months - -

Due after 12 months 93,546 178,607

93,546 178,607

The Group investment in unquoted equity financial instrument could not be fair valued as there were no observable data for which the entity could be fair valued,the carrying amount was based on cost less impairment.

The quoted equity financial instrument are measured at market value,the cummulative gain or loss are recognised in other comprehensive income.

	31 December	31 December
	2019	2018
10 TRADE RECEIVABLES	N'000	N'000
Due from agents	-	-
Due from brokers	2,395,539	2,391,298
Due from Reinsurance companies	- 2,395,539	- 2,391,298
Allowance for impairment (Note 10.1)
	(2,335,598)	(2,335,598)
	59,941	55,700

Due within 12months 59,941 55,700

Due after 12 months - -

59,941 55,700

10.1

Movement on the allowance for impairment of receivables arising out of direct insurance arrangements are as follows:

N'000

At beginning of year 2,335,598

Provision for impairment -

Provision no longer required -

Amount written off during the year as uncollectible -

At end of period 2,335,598

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019
	31	31
	December	December
	2019	2018
11 REINSURANCE ASSETS	N'000	N'000
Prepaid reinsurance (note 11.1)	84,677	84,677
Reinsurance recoverable (Note 11.2)	364,196	133,479
Reinsurance projection on IBNR (Note 11.3)		230,718

Prepaid M&D Deposit - Re-Insurance 9,925 14,500

458,799 463,374

Due within 12months 171,398 337,773

Due after 12 months 287,401 125,601

458,799 463,374

11.1 Movement in prepaid reinsurance

At beginning of year 84,677 263,355

Additions during the year - 1,093,516

Amortisation during the year - (1,098,516)

Amortisation during the year - (258,355)

At end of period 84,677 0

There were no indicators of impairment for re-insurance assets.Therefore ,no impairment allowance is required in respect of these assets.The carrying amounts disclosed above is in respect of the reinsurance contracts which approximate the fair value at the reporting date.

OTHER RECEIVABLES AND PREPAYMENTS
31
December 2019
31
December 2018
Accrued income (Note 12.2) - -
Prepayment (Note 12.2) 1,076 5,465
Other receivables (Note 12.1) 10,068 804
11,144 6,269
Due within 12months 11,144 6,269
Due after 12 months - -
11,144 6,269
1. Other receivables

Stock- consumables - -

Deposit for assets - -

Other sundry debtors 2,303,616 2,299,352 2,303,616 2,299,352

Allowance for impairment (Note 9.2c) (2,293,548) (2,298,548)

10,068 804

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019
	31	31
	December	December
	2019	2018
13 DEFERRED ACQUISITION COST At begining of year	176,693	161,135
Additions during the year	381,135	568,624
Amortisation during the year	(495,657)	(553,066)
At end of period	62,171	176,693
Due within 12months	62,171	176,693

Due after 12 months - -

62,171 176,693

14 INVESTMENT IN SUBSIDIARY
14.1 The following table illustrates the summarized financial information of the company's
investment in Staco Sierra Leone Limited
Share of the Subsidiary's statement of
financial position:
Assets	-			865,559
Liabilities	-		-	581,108
Equity	-			284,451
Share of Subsidiary's reserves and
profit or loss:
Share capital	-			37,087
Contingency reserve				61,312
Retained earnings				172,567
Other reserves				458
Fair value reserve				13,027
	-			284,451
Carrying amount of the investment	284,451			284,451
14.2 Appreciation/(Diminition) in investment
Carrying amount of the investment	284,451			284,451
Cost of investment	74,733			74,733
Appreciation in investment	209,718			209,718
14.3 14.4 Movement in fairvalue gain
At 1 January	209,718			253,203
Fairvalue (loss)/gain in the year (Note 27d)	-			(43,486)
At 31 December	209,718			209,717
This represents 60% holding in the ordinary share capital of Staco Sierra Leone Limited, a subsidiary
	incorporated and operating in Sierra Leone
15	INVESTMENT PROPERTIES
	At 1 January	1,520,000		1,520,000
	Addition during the year	-		-
	Revaluation surplus	-		-
	At end of period	1,520,000		1,520,000
	Cost/Valuation at 31 December,
	2019 is represented by:
	Valuation	495,000		495,000
	Cost	1,025,000		1,025,000
		1,520,000		1,520,000

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

	31 December	31 December
	2019	2018
16 DEFERRED TAX ASSETS	N'000	N'000
At 1 January	-	-
Charge for the period At 31 December 2019	- -	- -
The movement in defered income tax liabilities during the year is as
follows:
16.1 DEFERRED TAX LIABILITY	N'000	N'000
At 1 January	98,050	98,050
Charge for the period	-	-
At 31 December 2019	98,050	98,050

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

17	LEASED ASSETS	Furniture
		Fittings and	Motor
	Cost	equipment N'000	Vehicle N'000	TOTAL N'000
	At 1 January 2019 Additions At 31 December 2019	- - -	31,750 - 31,750	31,750 - 31,750
	Accumulated depreciation At 1 January 2019	-	25,400	25,400
	Charge for the period	-	6,350	6,350
	At 31 December 2019	-	31,750	31,750
	Carrying value
	At 31 December 2019	-	(0)	(0)
	At 31 December 2018	-	6,350	6,350

STACO INSURANCE PLC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

18 PROPERTY, PLANT AND EQUIPMENT
			Furniture
	Land and	Plant and	Fittings and	Motor	Work in
	Building	Machinery	equipment	Vehicle	Progress	TOTAL
	N'000	N'000	N'000	N'000	N'000	N'000
Cost
At 1 January 2019	170,000	40,998	369,673	1,246,660	-	1,827,331
Additions	-	188	1,420	-	-	1,608
Disposal	-	(1,186)	(149)	(15,275)		(16,610)

Revaluation surplus (Note 27d) -At 31 December 2019 170,000 40,001 370,944 1,231,385 - 1,812,329

Accumulated depreciation At 1 January 2019	-		27,198	329,161	1,222,904	-	1,579,263
Charge for the period		0	1,573	7,884	6,175	-	15,633
Disposal	- (1,186) (145) (15,275) (16,606)
At 31 December 2019	0 27,585 336,901 1,213,804 - 1,578,290
Carrying value At 31 December 2019	170,000 12,415 34,043 17,581 - 234,039
At 31 December 2018	170,000 0 13,800 40,511 23,756 - 248,068

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

December 2019

December 2018

N'000 N'000

19 STATUTORY DEPOSIT

This represents amount deposited with Central Bank of Nigeria (CBN) in accordance with section 10(3) of the Insurance Act, 2003

300,000 300,000

Due within 12 months - -

Due after 12 months 300,000 300,000

300,000 300,000

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