STACO Insurance Plc has released its unaudited financial statements for the second quarter ended June 30, 2021, revealing a significant reduction in its bottom-line deficit compared to the previous year.
The long-delayed filing, made public in March 2026, shows that the insurer’s loss after tax narrowed by approximately 61%, falling from N238.8 million in the corresponding period of 2020 to N92.7 million in 2021.
The report indicates a cautious contraction in business volume, as Gross Premium Written declined to N90.8 million from N253.6 million in the prior year. Despite the drop in premiums, the company’s underwriting performance benefited from a sharp reduction in claims expenses, which fell from N117.7 million to N42.0 million.
This was further bolstered by a significant spike in Other Income, which rose from under N1 million to N124.6 million, helping to cushion the impact of high operating and administrative costs.
Total assets for the period stood at N2.62 billion, down from N2.94 billion at the start of the year.
While the company continues to navigate a recovery path, the management noted that it remains focused on clearing its regulatory backlog and stabilizing its financial position to restore shareholder value.