LASACO Assurance Plc has grown its gross premium income by 10 percent to N6.6 billion for the 2017 financial year.
The figure is against N6 billion recorded in the preceding year.
Chairman of the company, Mrs. Aderinola Disu, who disclosed this at the 38th Annual General Meeting (AGM) of the company in Lagos, said shareholders’ fund also rose to N8.15 billion from N7.85 billion.
Disu said that the net underwriting premium increased by 105 percent from N1.9 billion in 2016 to N3.9 billion in 2017, largely due to a decrease in the unearned premium income and reinsurance cost.
She said: “While the underwriting profit increased by N1 billion from N235 million achieved in 2016 to N1.2 billion in 2017, operating expenses reduced by 28 percent from N2.4 billion in 2016 to N1.7 billion in 2017. The profit before tax reduced by 25 percent from N1.1 billion in 2016 to N854 million in 2017, due to 80 percent reduction in other Income.”
She however said that total assets reduced from N19 billion to N18 billion within the period under review, promising that the company will sustain its proactive steps to shore up its identity and improve its positioning in the market.
She said, “Our emphasis on ease of doing business will increase as we continue to focus on critical market. We are strategically repositioning in new products development to harness the newly identified market potentials.”