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Lasaco Assurance remains upbeat, as total asset hits N23.95bn

Lasaco Assurance remains upbeat, as total asset hits N23.95bn

Underwriting firm, Lasaco Assurance Plc has grown its assets to N23.96 billion at the end of 2021 financial year, increasing 17 percent from N20.54 billion in 2020.

Teju Phillips, chairman of the board speaking at the Company’s 42nd Annual General Meeting in Lagos said despite Nigeria’s economic recovery, the aftermath of the 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.”

She said the company achieved a gross premium income of N13.3 billion in 2021, representing a 21 percent increase over the N10.93 billion generated in 2020.

In the same vein, our net underwriting income grew by 15 percent from N8.05 billion to N9.26 billion.

Phillips said, Lasaco Assurance’s profit before tax declined from N696 million to N281 million, signifying a 59 percent drop, while profit after tax declined by 62 percent, from N679 million to N261 million.

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“The total assets of the organisation grew from N20.53 billion to N23.96 billion, a 17 percent increase, while the shareholders’ funds increased sharply by 45 percent, from N7.80 billion in 2021 to N11.31 billion in 2021”.

Teju Phillips, said Lasaco Assurance Plc 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.”

She noted that its investment diversification strategy is yielding tremendous results, and we plan to diversify further in order to gain maximum return, she said.

The meeting formally announced the retirement of the former managing director, Segun Balogun after clocking the age of 60 years on 29th May 2021, and appointment of Razzaq Abiodun as acting managing director, whose appointment has also been approved by the National Insurance Commission on 27th August 2021.