Lasaco Assurance grows underwriting income by 29%
By Rosemary Onuoha
The board of Lasaco Assurance Plc said that the company achieved modest growth in 2019 in some of the financial metrics, as its gross written premium grew by four percent to N9.34 billion from N9.01 billion recorded in 2018.
Addressing shareholders at the company’s 40th annual general meeting in Lagos, Acting Chairman of the company, Mr. Sani Ndanusa, said net underwriting income increased by 29 percent to N6.7 billion in 2019 from N5.2 billion in 2018.
He said that profit before tax went down by 64 percent to N347.7 million in 2019 from N958 million in 2018 while total assets increased by nine percent to N18.5 billion from N17 billion.
According to him, shareholders’ funds went down by four percent to N8.2 billion in 2019 from N8.5 billion in 2018.
On the future outlook of the company, the Acting Chairman said that the company is restrategising to deliver better services to customers.
Ndanusa said: “We are currently restrategising and restructuring our processes in order to deliver better, efficient and cost-effective services to our numerous customers.
“The success of any business in today’s dynamic environment depends on its ability to constantly add value to its customers.
“In order to achieve this, we have embarked on digitisation of our operations. We shall continue to ensure quality delivery in all our products and services.
“As you may be aware, we have also improved on promotion of the Lasaco brand by engaging in partnership with media houses for regular presence in the public domain.
“In 2020, we shall continue to move forward by strengthening our corporate governance structure in line with our long term strategy in order to deliver superior services to our numerous customers and also increase the confidence of our shareholders, investors and all other stakeholders.”
On the recapitalisation programme of the company, Ndanusa said: “Following the approval of shareholders secured at the extraordinary general meeting held in 2018, your company has engaged the expert services of professionals towards actualising the recapitalisation plans before the deadline given by the National Insurance Commission.”
Written by Kartia Velino