By Cynthia Ezekwe
Lasaco Assurance Plc gross premium income advanced from N10.96 billion in 2020 to N13.91 billion in 2022, representing about N3 billion profit growth within the three years under review.
The information was contained in the company’s 2022 audited financial statement published on the Nigerian exchange (NGX) platform.
Lasaco noted that the profit has demonstrated a commendable trend of steady growth over the past three years, adding that it signified an increased ability to attract a larger customer base and generate more revenue.
Razzaq Abiodun, the managing director/CEO, Lasaco Assurance Plc,said the development places significant emphasis on claims payment, a crucial aspect of its business operations, stating that the company has consistently maintained a high rate of net claims paid, a testament to its commitment to its clients.
According to Abiodun, the company paid out a total of N4.29 billion in claims in 2020, which increased to N8.99 billion in 2021, before experiencing a slight decline to N6.97 billion in 2022.
Furthermore, he noted that Lasaco Assurance has continued to maintain a positive underwriting profit, achieving N2.30 billion in 2020, declining to N1.71 billion in 2021, before rebounding to N3.1 billion in 2022, adding that the positive trajectory attests to the company’s ability to navigate a challenging business environment while achieving notable growth in its bottom line.
“In recent times, in addition to the substantial payments made in the aftermath of the Endsars tragedy, the company has demonstrated its commitment to upholding its corporate policy by fostering trust and maintaining relationships with its clients,” he said.
The managing director also disclosed that the company has compensated approximately 1,356 deceased staff members of Lagos state government parastatals under its life insurance, totaling N3 billion, between 2017 to date.
