Lasaco Assurance records N13.3bn premium income for 2021

By Sunday Ani
Chairman of Lasaco Assurance Plc, Mrs. Teju Philips said the company had recorded a gross premium income of N13.3 billion this year, representing a 21 per cent increase over the N10.93 billion generated last year.
She equally assured customers and shareholders of more improved performances next year, 2022.
She made this known at the 42nd Annual General Meeting (AGM) of the company held in Lagos yesterday.
Phillips noted that the company had delivered considerable performance this year when compared to last year, 2020.
She said: “This year, 2022, our net underwriting income grew by 15 per cent from N8.05 billion to N9.26 billion.”
She 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 .
According to her, the total assets of the organisation grew from N20.53 billion last year to N23.96 billion this year, a 17 per cent increase, while the shareholders’ fund increased sharply by 45 per cent from N7.80 billion in 2020 to N11.31 billion in 2021.
Phillips equally noted that Nigeria’s economic recovery was projected to continue, but at a slower pace since the low impact began in 2020.
She, 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, 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 in order to gain maximum return,” she said.
Phillips also informed that there was a change in the Board as the former managing director, Mr. Segun Balogun, retired from the company after clicking the retirement age of 60 years on May 29,
2021.
She said the appointment of Mr. Razzaq 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.