Lasaco Assurance records 115% increase in PAT in 2020

By Asishana John

Lasaco Assurance Plc has recorded a 115 percent growth profit after tax (PAT) for the year ended December 31, 2020, despite the challenging business environment. The figure grew from N315.75 million in 2019 to N679.36 million in the review year.

Teju Phillips, Chairman, Board of Directors, speaking during 41st Annual General Meeting of the Lasaco held in Lagos said in spite of the challenging situation experienced during the course of the year, the Company was able to deliver an awesome performance in 2020 and grew stakeholders’ value.

She disclosed that the company recorded a 17 percent growth in gross premium written to N10.95 billion in the 2020 financial year, as against N9.34 billion in 2019.

Underwriting profit, which is the core of the business dropped 14 percent, from N2.298 billion in 2019 to N1.975 billion.

Profit before tax was significant, growing to N696.44 million from N347.77 million in 2019, a 100 percent increase.

Going into the future, Phillips said with the array of economic events which the company was able to manage in the previous year, and strategies put in place by the leadership of the organisation, 2021 promises to be better for Lasaco Assurance.

“We are also hopeful that the economic policy adjustment and reforms will aid the business environment positively.”

She further stated that, in the last one year, “we have worked assiduously to map out strategies to improve our identity and visibility to increase sales and market share. Our strategic digital transformation plan will aid customers experience and the diversification of income streams deepening will add tremendous values to the bottom line.”

Plans have also been devised for the diversification of our investment portfolio. This will spur the organisation to growth through increase in investment income,” Teju Phillips said.