Underwriter increases total assets by 11 per cent
Despite the challenging operating environment in the country, LASACO Assurance Plc has reported 11 per cent increase in its total assets.
In the financial report made available to The Guardian, the insurer declared N10. 94 billion gross premium written (GPW) in the year 2020, amounting to 17 per cent growth during the period under review as against N9.3 billion posted the previous year.
Also, the insurer made a total sum of N8.05 billion in net underwriting income for the financial year, compared to N6.71 billion reported in 2019, which represented a 20 per cent improvement.
Analysis of the firm’s financial report indicated that its profit before tax (PBT) went up by 100 per cent to N696.4 billion, from N347.7 million reported in the preceding year.
This is even as its profit after tax (PAT) improved by 115 per cent, from N315.7 million in 2019 to N679.4 million.
However, further analysis of the report showed that its shareholders’ funds declined by two per cent from N7.9 billion in 2019 to N7.8 billion in 2020.
It equally expended N3.2 billion on claims in the 2020 financial year as against N2.1 billion in 2019, translating to 49 per cent growth.
Speaking on the development during their 41st Annual General Meeting (AGM) in Lagos, the Chairman, Mrs. Teju Phillips, said, despite the challenging situation experienced during the year, the insurer delivered an awesome performance.
Looking into the future, she said: “with the array of economic events which were able to be managed in the previous year and strategies put in place by the leadership of the organisation, 2021 promises to be better for the underwriter, hopeful that the economic policy adjustments and reforms will aid the business environment positively.”