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Lasaco Assurance Plc has declared a 15 kobo dividend on every share translating to a total value of N183 million for the year ended 31st December 2022.
This came as the underwriter shareholders’ fund rose by 15 per cent to N12.99 billion in 2022, from N11.3 billion posted in the 2021 financial year.
Similarly, the premium income increased by 4.7 per cent from N13.28 billion in 2021 to N13.9 trillion in 2022 while its net premium income rose from N8.2 billion to N9.5 billion in the period under review.
While underwriting expenses increased by nine per cent from N3.5 billion in 2021 to N3.8 billion in 2022, the company’s profit before tax soared from N283 million to N1.5 billion, translating to 445 per cent growth. Hence, profit after tax (PAT) increased by 466 per cent, from N261 million in 2021 to N1.5 billion in 2022.
Its net claim expenses decreased by 14 per cent from N4.4 billion in 2021 to N3.7 billion in 2022, portraying the ability of the company to minimise risk exposure.
Speaking at the 43rd yearly general meeting of the company, the Chairman, Teju Philips, said the firm’s total assets grew from N23.96 billion to N26.1 billion, representing 8.9 per cent growth.
She assured shareholders that the underwriter would maintain and surpass its current performance through the implementation of best practice policies, digital transformation, process improvement, retail business strengthening, branch network modification and improvement in customer experience.
She added that the goal of the firm was to remain at the forefront of the insurance industry by proactively anticipating and meeting the evolving needs of customers.
“To achieve this, we are committed to fostering a culture of innovation, collaboration and excellence, and we continuously strive to identify and leverage new technologies to drive our growth and enhance our capabilities,” she said.
Also speaking at the meeting, the Managing Director of the firm, Razzaq Abiodun, assured shareholders that the 2023 financial year would be better as the impact of the new motor insurance policy rate takes effect, thereby increasing the premium income of operators in the sector.
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