LASACO Assurance Plc has reported 24.26 per cent drop in gross premium for the first quarter ended March 31, 2022.
According to the company’s report released to the Nigerian Exchange Limited (NGX), the company’s gross premium stood at N5.073 billion during the period under review from N6.698 billion posted in 2021. Underwritten expenses grew marginally by 0.8 per cent to N1.245 billion from N1.235 billion in 2021.
However, profit after tax grew by 64 per cent to N297.574 million in 2022 from N181.387 Million in 2021, The growth in profit was largely driven by reduction in income tax which dropped by 50.05 per cent to N31.242 million in 2022 from N62.559 million in 2021.
Lasaco Assurance Plc recently notified NGX, its shareholders and the investing public that the Company was unable to file the 2022 Q1 Unaudited Financial Statements (UFS) by the due date of 30th April 2022.
“This was due to the fact that the Company is still awaiting the approval of its 2021 Audited Financial Statements (AFS) from its primary regulator, the National Insurance Commission (NAICOM), which must be filed before filing the 2022 Q1 Unaudited Financial Statements (UFS) in line with the rules of NGX on Financial Reporting and Periodic Disclosure for listed companies,” the insurance firm said.
The Company was incorporated on 20 December 1979 under the Company Decree of 1968.
The Company then, known as Lagos State Assurance Company Limited obtained license as an insurer on 7 July 1980 and commenced business on 1 August 1980. It became a public limited liability Company in 1991 when the Company’s shares were listed on the Nigerian Stock Exchange.The company’s market capitalisation currently stood at N2.035 billion while its current share price is N1.11 per share.