By Cynthia Ezekwe.
Lasaco Assurance Plc has distributed N13.9 billion as dividend to its shareholders for the financial year ended 31st December, 2022 amid a push by its board and management to diversify its business to boost profitability in the subsequent year.
Olateju Phillips, chairman of the insurance and financial services company, stated this at its 43rd annual general meeting (AGM) held recently in Lagos.
Phillips noted that the company maintained its market share in the insurance industry despite the economic headwind in the country, stating that the company achieved a gross premium of N13.91 billion, representing 4.7 percent increase from N13.28 billion recorded in 2021.
“It is worth noting, however, that our profit before tax skyrocketed from N283 million to N1.5 billion indicating a 445 percent increase. Similarly, our profit after tax increased by 466 percent from N261 million in 2021 to N1.5 billion in 2022 as our total assets grew from N23.96 billion to N26.1 billion, representing 8.9 percent growth rate,’’ she said.
Phillips also disclosed that its shareholders’ fund increased marginally by 15 percent, from N11.31 billion in 2021 to N12.99 billion in 2022.
Razak Abiodun, the managing director of the company in his remarks, noted that the company’s good performance was achieved due to the stakeholders’ confidence in the board and management of LASACO.
According to him, the company could not pay dividend in 2022 but decided plough back its profits in investment to boost its service anď embarked on diversification to enhance its performance.
“We are declaring a profit that’s creating a return on investment of over 10 per cent which is quite loyal in this current economic situation in the country; the dividend that was not shared at the last AGM has paid off. As a result, shareholders will be sharing a current dividend of 13.9 billion with profit after tax of 1.4 per cent,” Abiodun said.
He added that the company would diversify in properties and other viable sectors for more performance and progress.
