Composite underwriting firm, LASACO Assurance Plc said it has put strategies in place to meet the first phase recapitalisation requirement set for players in the industry by the National Insurance Commission (NAICOM).
According to the Company, it has increased its authorized share capital to N20 billion to accommodate new investments, in line with the ongoing recapitalisation in the industry.
Segun Balogun, Managing Director/CEO of the Company who gave explanation during the firm’s 40th Annual General Meeting in Lagos said it has engaged the services of financial consultants who are working hard to conclude the necessary regulatory protocols.
He assured shareholders that LASACO will meet the new capital requirement, as there are various options open to the Company.
Sani Ndanusa, acting chairman of the Company said: “Following the approval of shareholders secured at the extraordinary general meeting held in 2018, your company has engaged the expert services of professionals towards actualising the recapitalisation plans before the deadline given by the National Insurance Commission.”
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Ndanusa also disclosed that LASACO Assurance Plc achieved modest growth in 2019 in some of the financial metrics, as its gross written premium grew by four percent to N9.34 billion from N9.01 billion recorded in 2018. This is a net underwriting income increased by 29 percent to N6.7 billion in 2019 from N5.2 billion in 2018.
He said that profit before tax went down by 64 percent to N347.7 million in 2019 from N958 million
www.businessday.ng in 2018 while total asset increased by nine percent to N18.5 billion from N17 billion.
On the future outlook of the company, Ndanusa said that the company is re-strategising to deliver better services to customers.
“We are currently re-strategising and restructuring our processes in order to deliver a better, efficient and cost-effective service to our numerous customers”
According to him, the success of any business in today’s dynamic environment depends on its ability to constantly add value to its customers.
“In order to achieve this, we have embarked on digitisation of our operations. We shall continue to ensure quality delivery in all our products and services. As you may be aware, we have also improved on promotion of Lasaco brand by engaging in partnership with media houses for regular presence in the public domain.”
