Insurer aims to sustain growth, pledges best practices

As part of its strategies to sustain growth, LASACO Assurance Plc has pledged to uphold best industry practices and policies in all its operations.

Chairman of Lasaco Assurance Plc, Mrs. Teju Philips, made the pledge at the 42nd Annual General Meeting (AGM) of the company in Lagos.

According to her, the company had recorded a gross premium income of N13.3b this year, representing a 21 per cent increase over the N10.93b generated last year.

She equally assured customers and shareholders of improved performances next year, stressing that the firm would surpass its current performances through the implementation of best practice policies, digital upscaling, process strengthening and customer experience rejuvenation

Phillips noted that the company had delivered considerable performance in 2021 when compared to 2020.

She said: “This year, 2022, our net underwriting income grew by 15 per cent from N8.05b to N9.26b.

“The journey continues to improve our identity and visibility through various modern initiatives, which help to build our employees’ capacity to better position them to do more.

“Our investment diversification strategy is yielding tremendous results, and we plan to diversify further to gain maximum return.”

She added that the company’s profit before tax declined from N696m to N281m, signifying a 59 per cent drop, while profit after tax declined by 62 per cent from N679m to N261m.”

Philips further disclosed that the total assets of the organisation grew from N20.53b last year to N23.96b this year, a 17 per cent increase, while shareholders’ fund increased sharply by 45 per cent from N7.80b in 2020 to N11.31b in 2021.

She equally noted that Nigeria’s economic recovery was projected to continue, but at a slower pace since the low impact began in 2020.

Phillips also said that there was a change in the board as the former Managing Director, Mr. Segun Balogun, retired from the company after clocking the retirement age of 60 years on May 29, 2021.

She said the appointment of Mr. Razaq Abiodun, who started acting as the Managing Director/Chief Executive Officer on April 20, 2021, was confirmed by National Insurance Commission on August 27, 2021.