LASACO returns to composite structure
LASACO Assurance Plc has returned to a composite structure having merged the Life operations with the General effective from 2015 financial year This strategic move is aimed at running a seamless insurance business, positioned to deliver world class service.
According to the Group Managing Director, Olusola Ladipo-Ajayi, as a going concern adapting to market demand and business operating environment is imperative for the success of any business outfit.
He said ‘the decision to merge our Life outfit with the mother company was taken after a deep thought on a number of business variables and the need to chart a new course for the group’.
Ladipo-Ajayi stated that business requires pragmatism, and “we have always being bold in taking decisions not based on sentiment or following routine, but after systematic analysis of business trend with the future in view.
“Our reversal of a lot of negative business indexes last year did not happen by chance but through painstaking strategic moves. We would therefore not shy away from taking tough decisions when need arises. It is all about the business”, he added.
It will be recalled that the company had shown dexterity and tenacity of purpose in its performance as manifested in the reversal of loss in 2012 to profitability in 2013. The company, which made a loss of N180million recorded in 2012, came out smoking as it bounced back with a net profit of N412million in 2013. Beyond profitability in 2013, its other key business indicators also came out in the positive. It recorded a growth of 12% in gross premium income in the period under review as it raked in N4.96billion compared to N4.43billion generated in 2012.
Furthermore, the company witnessed a positive performance in net premium earned, which increased from N3.3billion in 2012 to N3.6billion in 2013, an 8% increase.
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