Underwriter woos Nigerians with N13.3B premium revenue
Despite the tough operating environment in the country, underwriting firm, Lasaco Assurance Plc has recorded gross premium income of N13.3 billion in the year 2021, representing a 21 per cent increase over the N10.93 billion generated in 2020.
The operator linked the performance to growth across lines of business in the market even as stakeholders expressed the belief that one of the ways to drive industry penetration is through stronger underwriting capacity.
The insurer also assured customers and shareholders of a return on investment in the year 2022.
Chairman of the company, Mrs. Teju Philips, at the 42nd yearly general meeting held in Lagos, said Lasaco delivered a considerable performance in the year under review when compared to 2020.
According to her, “In the same vein, the firm’s net underwriting income grew by 15 per cent from N8.05 billion to N9.26 billion.”
The chairman added that the company’s profit before tax declined from N696 million to N281million, signifying a 59 per cent drop while profit after tax declined by 62 per cent from N679 million to N261million.
She said that the total assets of the organisation grew from N20.53 billion to N23.96 billion, a 17 per cent increase while the shareholder’s fund increased sharply by 45 per cent from N7.80 billion in 2020 to N11.31 billion in 2021.
Phillips said that Nigeria’s economic recovery was projected to continue, though at a slower pace as the low impact, which began in 2020 fades.
The chairman, however, said Lasaco would uphold and surpass its current performances through the implementation of best practice policies, digital upscaling, 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.
“Our investment diversification strategy is yielding tremendous results and we plan to diversify further in order to gain a maximum return,” she said.
Phillips said that there was a change in the Board as the former Managing Director, Mr Segun Balogun, retired from the company after attaining the retirement age of 60 years on May 29, 2021.
She said that Razzaq Abiodun was appointed in an acting capacity on April 20, 2021, and the appointment was confirmed by the National Insurance Commission on Aug. 27, 2021, as the Managing Executive Officer.