Lasaco grows insurance revenue by 36%

Underwriting firm, Lasaco Assurance Plc, has grown its insurance revenue to N18.29 billion at the end of 2023 financial year, from N13.47 billion in 2022, showing a 36 percent growth.

Teju Phillips, chairman, Board of Directors, Lasaco Assurance Plc, made the disclosure at the company’s 44th Annual General Meeting held virtually on in Lagos.

“Despite the turbulence witnessed towards the close of 2023, Lasaco Assurance Plc adeptly maintained its market share and fortified its position within the insurance industry.

“Demonstrating robust performance, we achieved insurance revenue of N18.29 billion, marking a notable 36 percent surge from the previous year’s N13.47 billion.”

This is as its net investment grew by 113 percent to close at N4.29 billion from N2.01 billion in 2022.

She also said the company’s profit before tax experienced a commendable uptick, advancing from N1.58 billion in 2022 to N1.68 billion in 2023, reflecting a 6 percent increase, while the profit after tax declined by 13 percent to close at N1.32 billion from N1.52 billion in 2022.

Phillips said that Lasaco Assurance recorded a 5 percent growth in total assets, moving from N25.58 billion in 2022 to N26.97 billion in 2023, while shareholders fund also rose by 11 percent from N12.33 billion in the past year to N13.66 billion in the year under review.

The chairman said that Lasaco Assurance’s steadfast performance amidst economic challenges underscores its resilience and commitment to delivering value to stakeholders.

“Moving forward, we remain dedicated to leveraging strategic initiatives and prudent management practices to sustain our growth trajectory and uphold our position as trusted leader in the insurance sector,” Razaq Abiodun, managing director/CEO, Lasaco Assurance Plc, said.