LASACO Assurance reports 11% increase in total assets
By Kayode Tokede
LASACO Assurance Plc has reported an increase in its total assets by 11 per cent to N20.5 billion in its financial year ended 31st December 2020, from N18.5 billion it recorded in 2019.
The Insurance, also, declared N10.9 Gross Premium Written (GPW), amounting to 17 per cent growth during the period under review as against N9.3 billion posted in the previous financial year.
Also, the insurer made a total sum of N8.05 billion in net underwriting income for the financial year, compared to N6.71 billion made in 2019, which represented a 20 per cent improvement.
Analysis of the firm’s financial report, indicated that it Profit Before Tax (PBT) up by 100 per cent to N696.4 billion from N347.7 million reported in the preceding year. This is even as it Profit After Tax (PAT) improved by 115 per cent from N315.7 million in 2019 to N679.4 million in 2020.
Although, further analysis of the report showed that its shareholders’ fund declined by 2 per cent from N7.9 billion in 2019 to N7.8 billion in 2020.
It equally expended N3.2 billion on claims in 2020 financial year as against N2.1 billion in 2019, translating to 49 per cent growth, which showed the urgency and seriousness the insurer put in payment of genuine claims as and when due.
Speaking at its 41st Annual General Meeting (AGM) in Lagos yesterday, the company’s Chairman, Mrs Teju Phillips, said, in spite of the challenging situation experienced during the course of the year, the insurer delivered an awesome performance.
Looking into the future, she said: “with the array of economic events which we were 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 Plc. We are hopeful that the economic policy adjustments and reforms will aid the business environment positively.”
In the last one year, she said, the company has worked assiduously to map out strategies to improve its identity and visibility to increase sales and market shares, adding that, it’s strategic digital transformation plan will aid customer experience and the diversification of income streams deepening will add tremendous value to the bottom line.
“Plans have also been devised for the diversification of our investment portfolio. This will spur the organisation to grow through an increase in investment income,” she said.
Similarly, the acting Managing Director/CEO, Mr Razzaq Abiodun, promised that the insurer is on the right track, well recapitalised to do acquire large business risks, adding that, the firm had invested in IT to drive its transformation agenda in a bid to give values to investors and customers alike.
The company declared a dividend of 10 kobo per share to its teeming shareholders, in a bid to give good returns on investment to investors as well as shareholders.
