In 2022, LASACO Assurance Plc experienced a remarkable 15% increase in its shareholders’ fund, rising from N11.3 billion in the previous year to N12.99 billion.
The company’s impressive financial performance also led to a declaration of a dividend of 15 kobo per share held by shareholders. Additionally, premium income grew by 4.7% from N13.28 billion in 2021 to N13.9 trillion in 2022, with Net Premium Income increasing from N8.2 billion to N9.5 billion during the same period.
Despite a 9% rise in underwriting expenses from N3.5 billion in 2021 to N3.8 billion in 2022, LASACO Assurance saw its Profit before Tax soar from N283 million to N1.5 billion, marking an impressive 445% growth. Consequently, Profit After Tax (PAT) witnessed a substantial surge of 466%, rising from N261 million in 2021 to N1.5 billion in 2022.
Moreover, the company effectively managed its risk exposure, as indicated by the 14% decrease in Net Claims Expenses, which went from N4.4 billion in 2021 to N3.7 billion in 2022.
During the 43rd Annual General Meeting (AGM) held in Ikeja, Lagos, the chairperson, Mrs. Teju Philips, highlighted the overall growth of the company’s Total Assets, which grew by 8.9% from N23.96 billion to N26.1 billion.
Looking ahead, Mrs. Teju Philips assured that LASACO Assurance will maintain and surpass its current level of performance by implementing best practice policies, undergoing digital transformation, process improvement, strengthening its retail business, modifying its branch network, and enhancing the customer experience.
Recognizing the dynamic nature of the business landscape, the company remains adaptable and agile in response to emerging trends, aiming to stay at the forefront of the insurance industry by proactively meeting the evolving needs of its customers.
“To achieve this, we are committed to fostering a culture of innovation, collaboration, and excellence, and we continuously strive to identify and leverage new technologies and tools to drive our growth and enhance our capabilities,” she pointed out.
The managing director of the company, Mr. Razzaq Abiodun, gave shareholders reassurance that the upcoming 2023 financial year would be an improvement over the previous year. This is due to the positive impact of the new motor insurance policy rate, which will increase premium income from this insurance category.
