Lasaco Assurance Plc, a leading insurance company in Nigeria, is pleased to announce its remarkable financial performance for the year ended 31st December 2022. At the company’s 43rd Annual General Meeting held in Lagos, shareholders received a dividend of 15 kobo per share, amounting to a total of N183 million.
Financial Highlights for the Year Ended 31st December 2022:
- Profit After Tax (PAT) surged by an impressive 466 percent, reaching N1.479 billion compared to N261.38 million in 2021.
- Profit Before Tax (PBT) also saw substantial growth of 445 percent, closing at N1.54 billion for the review year.
- Gross Written Premium recorded a commendable 5 percent growth, rising from N13.28 billion to N13.91 billion, despite the challenges of the local and global economic environment.
- Underwriting Profit experienced a remarkable upswing, increasing by 82 percent to N3.10 billion from N1.71 billion.
Chairman of Lasaco Assurance Plc, Teju Philips, expressed her delight in announcing the company’s outstanding financial results and dividend payout. She emphasized the company’s commitment to maintaining and surpassing its current performance through various strategic initiatives.
“Lasaco Assurance is committed to implementing best practice policies, digital transformation, process improvement, retail business strengthening, branch network modification, and revitalizing our customer experience,” said Teju Philips. “We will enhance our identity and visibility through modern initiatives while empowering our employees to achieve more.”
Acknowledging the ever-changing business landscape, Philips emphasized the company’s adaptability and agility in responding to new developments and emerging trends. She stated, “Our goal is to remain at the forefront of the insurance industry by proactively anticipating and meeting the evolving needs of our customers.”
Razzaq Abiodun, the Managing Director/CEO, expressed his appreciation to the shareholders for their support and understanding. He mentioned that the board’s decision to plough back profits for building and repositioning the company had yielded positive results.
“I am happy to inform you that we have reached that point, and we are now in a better position to reward shareholders,” said Razzaq Abiodun. “This is evident in the dividend paid at this AGM and in the half-year performance already in the public domain.”
Lasaco Assurance Plc remains committed to fostering a culture of innovation, collaboration, and excellence. The company will continuously strive to identify and leverage new technologies and tools to drive growth and enhance its capabilities. Overall, the company’s strategic approach and relentless pursuit of excellence position it for sustained success and growth in the years to come.
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