LASACO Assurance Pays N8.9bn Claims To Policyholders  

LASACO Assurance Plc has paid N8.9 billion claims to its policyholders who suffered insured risks in its 2021 financial year.

This represents over 100 percentage growth when compared to N4.2billion claims paid in its 2020 financial year.

While its group life business commanded the highest insurance compensation of N4.3billion translating to about 100 per cent increase from N2.2billion it paid as claims in this class of insurance in 2020, Fire insurance came second with a whopping N3.5billion paid as claims in 2021 which far outweighed N300.6million paid in 2020.

Similarly, N426.2 million claims was paid under Engineering insurance class in the year under review even as it paid N99.7million claims in this category in the preceding year.

Under motor insurance, the company paid N137.3 million as claims as against N91.1 million paid in the preceding year while it paid N328million on General Accident policy in 2021 as against N564.1 million in 2020 financial year.

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It equally paid claims on Bond, Marine, Aviation, Oil and Gas classes of insurance.

Speaking at the 42nd annual general meeting(AGM) of LASACO Assurance Plc in Ikeja, Lagos on Saturday, its chairperson, Mrs. Teju Phillips said, her insurer delivered a considerable performance despite the challenging business operating environment.

She disclosed that the company achieved a gross premiums come of N13.3 billion in 2021, representing a 21 per cent increase over the N10.9billion generated in 2020.

In the same vein, she said: “our net underwriting  income grew by 15 per cent from N8.05 billion to N9.26 billion within the period under review. Our profit before tax declined from N696million to N281million , signifying a 59 per cent drop, while profit after tax declined by 62 per cent from N679 million to N261million.

“The total assets of the organisation grew from N20.5billion to N23.9 billion, a 17 per cent increase , while shareholders fund increased sharply by 45 per cent from N7.80 billion in 2020 to N11.31billion in 2021.”

While promising to uphold and surpass its current performance through implementation of best practice policies, digital upscale process strengthening and customer experience rejuvenation, she added that, “the journey continues to improve our identity and visibility through various modern initiatives and the building of our employee capacity to better position them to do more . Our investment diversification strategy is yielding tremendous result and we plan to diversify further in order to gain maximum returns.”