Lasaco Assurance Plc says it has proposed to pay its shareholders a dividend of 5k for the financial year ended Dec. 31, 2019.
The insurance firm, said in a statement made available to newsmen in Lagos that the decision to reward the shareholders in view of harsh operating environment was reached at a meeting of its Board of Directors.
The company stated that the dividend, if approved by members at its forthcoming 40th Annual General Meeting scheduled for Sept.15 in Lagos would be paid to shareholders’ accounts on Sept. 22.
The firm said that only shareholders whose names appear in the Register of Members at the close of business on Aug. 31 would receive the dividend.
It said that this was in accordance with the directive of the Securities and Exchange Commission (SEC).
Lasaco said it also made tremendous achievements in 2019 financial year as it recorded a Gross Premium Income (GPI) of N9.748 billion from N8.024 billion recorded in December 2018, representing 21 per cent increase.
The firm said its Gross Premium Written (GPW) also increased from N9.014 billion in 2018 to N9.341billion, representing four per cent increase.
“In spite of the increasingly difficult operating environment, the company made appreciable progress in all fronts.
“It achieved an underwriting profit growth of N2.298 billion in 2019, compared to N2.121 billion recorded in 2018, while claims paid was N2.171 billion compared to N1.801 billion paid in 2018, indicating an increase of 21 per cent.
“The insurer annuity fund increased by 21 per cent from N32.873 million in 2018 to N262.499 million in 2019,” the statement stated.