Lasaco Assurance revenue hits N18.3b
Insurance revenue of Lasaco Assurance Plc has risen to N18.3billion in 2023 financial year from N13.5billion recorded in the previous year, representing 36 percentage increases within the period under review.
The underwriting firm’s profit rose by six per cent, from N1.6billion in 2002 to N1.7billion in 2023, even as its shareholders’ funds was N13.7billion in 2023 from N12.3billion in 2022 financial year.
Lasaco chairman, Mrs. Teju Phillips who made this known at its 2023 Annual General Meeting (AGM) in, Lagos said, its profit after tax witnessed a decline of 13 per cent descending from N1.52billion to N1.3billion in 2023.
Disclosing that it recorded commendable growth in total assets, surging from N25.58billion to N26.97 billion, emblematic of a robust five per cent growth rate, she said, its performance was amidst economic challenges, hence, underscores its resilience and commitment to delivering value to stakeholders.
Moving forward, she stated that they remain dedicated to leveraging strategic initiatives and prudent management practices to sustain our growth trajectory and uphold our position as a trusted leader in the insurance sector.
Looking into the future, she said, the insurer is poised to elevate its performance by embracing innovative digital transformation initiatives, adhering to industry best practices, fortifying its capital base, enhancing its technological infrastructure, intensifying capacity building efforts, fostering collaboration and partnerships, optimising processes and reinforcing risk management and internal controls.
She said: “We are committed to enhancing our brand identity and visibility through modern innovatives while empowering our workforce to achieve greater heights. With a strategic and relentless pursuit of excellence, we are confident that Lasaco Assurance Plc will be positioned for sustained success and growth in the years ahead.”
On his part, the Managing Director/CEO of Lasaco, Mr. Razzaq Abiodun, while calling for understanding of the shareholders for not able to declare dividend this year, promisied them improved dividend in the next financial year, saying, ‘I will implore out shareholders to fast now and break the fast in the next financial year with a bumper returns on investment.’
Stating that, the company has recently raised N11billion capital in a self-induced recapitalisation exercise. He said, the company is well prepared ahead of planned insurance industry recapitalisation exercise, noting that, the company is very liquid to meet both the current and future claims obligations.
