Lasaco Assurance pays dividends, as firm’s PAT rises 466%

Shareholders of Lasaco Assurance Plc have received a 15 kobo dividend, amounting to N183 million for the year ended 31st December 2022.

The company recorded a profit after tax (PAT) of N1.479 billion, from N261.38 million in 2021, indicating a 466 percent increase, while profit before tax (PBT) also grew by 445 percent to close at N1.54 billion in the review year.

Teju Philips, chairman of the company announced the result at its 43rd Annual General Meeting held in Lagos.

Philips said Lasaco during the review year recorded a 5 percent growth in gross written premium, from N13.28 billion to N13.91 billion, despite the slowdown in the local and global economic environment.

She said its underwriting profit was upswing, moving from N1.71 billion to N3.10 billion, an 82 percent increase.

Philips said Lasaco Assurance is committed to maintaining and surpassing its current performance through the implementation of best practice policies, digital transformation, process improvement, retail business strengthening, branch network modification and revitalizing its customer experience.

“We will strive to enhance our identity and visibility through modern initiatives while building our employee’s capacity to enable them to achieve more,” Philips said.

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She said the company recognizes the ever-changing business landscape, and as such, we remain adaptable and agile in response to new development and emerging trends.

“Our goal is to remain at the forefront of the insurance industry by proactively anticipating and meeting the evolving need of our customers,” Philips added.

She said to achieve this, the company is committed to fostering a culture of innovations, collaboration, and excellence, and we will continuously strive to identify and leverage new technologies and tools to drive growth and enhance capabilities.

“Overall, we are confident that our strategic approach and relentless pursuit of excellence will position us for sustained success and growth in the years to come,” Philips said.

Razzaq Abiodun, managing director/ CEO while appreciating the shareholders for their support and understanding, said the board had appealed the previous year to allow the plough back of profit to enable it to build and reposition the company for growth.

“I am happy to inform you that we have gotten to that point, and we are now in a better position to reward shareholders,” he said.

According to him, this is evident in the dividend paid at this AGM, and in the half-year performance already in the public domain.