Lasaco Assurance grows premium by 21%

Lasaco Assurance Plc’s gross premium rose by 21 per cent to N13.3bn in the 2021 financial period.

The Chairman of the company, Mrs Teju Phillips, disclosed this at the 42nd annual general meeting of the company in Lagos.

She said, “Despite Nigeria’s economic recovery, the aftermath of EndSARS amidst other upheavals towards the end of 2020 caused many insurance companies a major blow in 2021. However, in comparism to 2020, we delivered a considerable performance.

“The company achieved a gross premium income of N13.3bn in 2021, representing a 21 per cent increase over the N10.93bn.”

Giving more information on 2021 performance, she said its net underwriting income grew by 15 per cent, from N8.05bn to N9.26bn.

The profit before tax, she added, declined by 59 per cent, from N696m to N281m, while profit after tax declined by 62 per cent, from N679m to N261m.

The report presented by the chairman showed that its claims expenses rose from N3.25bn in 2020 to N4.37bn in 2021.

According to the chairman, the total assets of the organisation grew by 17 per cent, from N20.53bn to N23.96bn, while the shareholders fund increased by 45 per cent, from N7.8bn in 2020 to N11.31bn in 2021.

She said, “Lasaco Assurance will uphold and surpass its current performance through the implementation of best practice policies, digital upscale, process strengthening, and customer experience rejuvenation.

“The journey continues to improve our identity and visibility through various modern initiatives and the building of our employee capacity to better position them to do more.

“Our investment diversification strategy is yielding tremendous results, and we plan to diversify further in order to gain maximum return.”

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