Lasaco Assurance income hits N18.3 billion in 2023

Insurance revenue of Lasaco Assurance Plc rose significantly to N18.3 billion in 2023 financial year from N13.5 billion it was the previous year.

This growth represents a 36 percentage surge within the period under review.

Similarly, its profit rose by six per cent, from N1.6 billion in 2002 to N1.7 billion in 2023, even as its shareholders’ funds were N13.7 billion in 2023 from N12.3 billion in the 2022 financial year.

Speaking at its 2023 yearly general meeting (AGM) in GRA, Ikeja, Lagos yesterday, its chairman, Teju Phillips said, its profit after tax witnessed a decline of 13 per cent, descending from N1.52 billion to N1.3 billion in 2023.

Disclosing that it recorded commendable growth in total assets, surging from N25.58 billion to N26.97 billion, emblematic of a robust five per cent growth rate, she said, its performance was amidst economic challenges, hence, underscores its resilience and commitment to delivering value to stakeholders. Moving forward, we remain dedicated to leveraging strategic initiatives and prudent management practices to sustain our growth trajectory and uphold our position as a trusted leader in the insurance sector, she noted.

Looking into the future, -Philips said, the insurer is poised to elevate its performance by embracing innovative digital transformation initiatives , adhering to industry best practices, fortifying its capital base, enhancing its technological infrastructure, intensifying capacity building efforts, fostering collaboration and partnerships, optimising processes and reinforcing risk management and internal controls.

On his part, the Managing Director/Chief Executive Officer, Lasaco Assurance Plc, Razzaq Abiodun, while calling for understanding of the shareholders for not able to declare dividend this year, he promised them improved dividend in the next financial year, saying, ‘I will implore out shareholders to fast now and break the fast in the next financial year with a bumper returns on investment.’

Stating that, the company has recently raised N11 billion capital in a self-induced recapitalisation exercise,, he said, the company is well prepared ahead of planned insurance industry recapitalisation exercise, noting that, the company is very liquid to meet both the current and future claims obligations.

The shareholders applauded the company for its foresightedness in its business and future plans, urging the insurer to always ensure that shareholders benefit from the company’s growth through improved investment returns.