LASACO Assurance Gross Premium Surges By N3bn

Lasaco Assurance Plc Gross Premium Income surged from N10.96 billion in 2020 to N13.91 billion in 2022, representing about N3billion profit growth within the three years under review. 

This, the company said. in a statement made available to LEADERSHIP yesterday, that the profit has demonstrated a commendable trend of steady growth over the past three years, adding that, this signified an increased ability to attract a larger customer base and generate more revenue. 

According to the managing director/CEO, Lasaco Assurance Plc, Razzaq Abiodun, this development places significant emphasis on claims payment, a crucial aspect of its business operations. 

In this regard, he said, the company has consistently maintained a high rate of net claims paid, a testament to its commitment to its clients.

In 2020, he noted that, the company paid out a total of N4.29 billion in claims, which increased to N8.99 billion in 2021 before experiencing a slight decline to N6.97 billion in 2022.

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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, this 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. 

Similarly, Abiodun elaborated 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, although the policy had been in existence since 1999 under the administration of Asiwaju Bola Ahmed Tinubu (President-Elect) and substantial amount had been paid since then.

Additionally, the company was certified ISO/ISMS 27001 by the International Organization for Standardization, an information security management standard that provides guidelines for managing information security risks, including policies, procedures, staff training and technology.

Leveraging its impressive achievements, Lasaco Assurance Plc said, it is poised to deepen its retail business, restructure its branch network, create more digital touchpoints, and develop a new customer experience model to enhance service delivery.