By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Insurer, Staco Insurance Plc said on Wednesday its pretax profit for the year ended December 31, 2014 plunged 76 percent to N137.68 million from N570.01 million recorded a year earlier.

Similarly profit after tax (PAT) declined 80.06 percent to N95.98 million from N481.33 million reported in the same period of 2013.

Gross premium inched up slightly from N5.674 billion in 2013 end to N5.963 billion recorded in the review period of 2014; indicating 3.46 percent growth, the insurer said in a filing with the Nigerian Stock Exchange (NSE).