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Lasaco Assurance sustains growth amid tight operating environment

Lasaco Assurance sustains growth amid tight operating environment

Lasaco Assurance Plc, one of Nigeria’s foremost insurance firms, has demonstrated a commendable trend of steady growth over the past three years, as gross premium income rose from N10.96 billion in 2020 to N13.91 billion in 2022.

The result according to the company reflects increased ability to attract a larger customer base and generate more revenue.

Razzaq Abiodun managing director, of Lasaco Assurance plc, said the company places significant emphasis on claims payment, a crucial aspect of its business operations.

In this regard, the company has consistently maintained a high rate of net claims paid, a testament to its commitment to its clients. In 2020, the company paid out a total of N4.29 billion in claims, which increased to N8.99 billion in 2021 before experiencing a slight decline to N6.97 billion in 2022.

Furthermore, Lasaco Assurance has continued to maintain a positive underwriting profit, achieving N2.30 billion in 2020, declining to N1.71 billion in 2021, before rebounding to N3.1 billion in 2022. This trajectory attests to the company’s ability to navigate a challenging business environment while achieving notable growth in its bottom line.

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In recent times, in addition to the substantial payments made in the aftermath of the #Endsars tragedy, the company has demonstrated its commitment to upholding its corporate policy by fostering trust and maintaining relationships with its clients. This was accomplished by presenting letters ranging from N629, 762.69 to N6,590,999.46 to the families of each deceased staff member of the Lagos State Universal Basic Education Board (SUBEB) and Local Government and Community Affairs. During the presentation of these letters, Razzaq Abiodun, the Managing Director, elaborated that the company has compensated approximately 1,356 deceased staff members of these two organizations, totalling N3 billion, between 2017 to date, although the policy had been in existence since 1999 under the administration of Asiwaju Bola Ahmed Tinubu (president-elect) and substantial amount had been paid since then.

Likewise, Lasaco Assurance Plc’s outstanding performance has been recognized by a global credit rating agency GCR, which awarded the company an A rating, a rare achievement in the industry. The rating was based on the company’s excellent capitalization metrics, backed by robust shareholder support, a sound liquidity position, and good asset/liability matching.

Abiodun, mentioned that the GCR rating is proof that Lasaco as a brand aims to provide long-term values to stakeholders. In his phrase he says, “We are pleased to have a better rating in 2022 as opposed to the A- rating in 2021. We remain committed to being the Insurance company of choice in Nigeria, providing products and services of superior quality.”

Additionally, the company was certified ISO/ISMS 27001 by the International Organization for Standardization, an information security management standard that provides guidelines for managing information security risks, including policies, procedures, staff training and technology. This certification further underscores Lasaco Assurance’s adherence to the six domains of ISO 27001.