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LASACO Assurance grows GWP by 35%

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LASACO Assurance Plc has grown its Gross Written Premium (GWP) by 35 percent to N9.01 billion as at December 2018 from N6.67 billion in 2017.

File: From left: Mr. Segun Balogun, Managing Director of Lasaco Assurance Plc; Mr. Eddie Efekoha, Chief Executive Officer of Consolidated Hallmark Insurance and Mr. Tope Smart, Managing Director of NEM Insurance Plc 

According to its audited financial statement for the year ended 31st December, 2018, recently approved by the National Insurance Commission, NAICOM, the company generated N5.64 billion premium from non-life while N3.38 billion came from life assurance services. It also recorded Net underwriting income of N5.22 billion in 2018 representing  31 percent increase over N3.99 billion earned in corresponding period in 2017.

The underwriting profit rose by 64 percent to N2.06 billion against N1.25 billion recorded in 2017, even as 67 percent of the underwriting profit, or N1.39 billion was realised from the non-life services while 33 percent or N667.54 million came through life assurance services.

Investment income was down by 14 percent to N753.68 million in 2018 compared with N874.67 million realised in 2017. Profit before tax stood at N958.20 million, an increase of 12 percent from N854.27 million in 2017.

Profit after tax stood at N736.27 million against N661.87 million while total income for the year was N746.14 million against N527.29 million in 2017, representing an increase of 64 percent.

Accordingly, the board of LASACO Assurance is proposing the payment of a dividend of 5 kobo per share to shareholders for the year ended December 31, 2018.

Meanwhile, the Nigerian Stock Exchange (NSE) has lifted the suspension placed on the company for late submission of its result.


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