The Gross Premium Income of LASACO Assurance Plc has risen by 10 per cent to N6.6 billion in its 2017 financial year from N6 billion in the preceding year, while shareholders’ fund also rose to N8.15 billion in the review period, from N7.85 billion in 2016.
This, the Chairman of the company, Aderinola Disu, disclosed at the 38th yearly general meeting in Lagos, over the weekend, adding that the Net Underwriting Premium also increased by a record 105 per cent from N1.9 billion in 2016 to N3.9 billion in 2017. Stating that the Underwriting Profit increased by N1 billion from N235 million achieved in 2016 to N1.2 billion in 2017, she noted that Operating Expenses for the year reduced by 28 per cent from N2.4 billion in 2016 to N1.7 billion in 2017.
The Profit Before Tax for the year, she said, however, reduced by 25 per cent from N1.1 billion in 2016 to N854 million in 2017, due to 80 per cent reduction in Other Income.Disu stressed that the total assets of the company reduced from N19 billion to N18 billion within the period under review, promising that LASACO Assurance will sustain its proactive steps to strengthen its identity and improve its positioning in the market.
“Our emphasis on ease of doing business will increase as we continue to focus on the critical market. We are strategically repositioning in new products development to harness the newly identified market potentials. This is expected to increase our market share and enable us to operate more efficiently and profitably,” she said. The company, however, declared a dividend of four kobos per share.
The Managing Director/Chief Executive Officer, Segun Balogun, promised that the company will continue to work to ensure that it gives positive returns on investment to shareholders while hoping that his company can declare an improved dividend in the upcoming 2018 financial year and years to come. He, as well, assured policyholders nationwide of improved service delivery and payment of genuine claims as and when due, urging Nigerians to subscribe to the policies of the company to get value for money.