LASACO Assurance Plc has promised improved investment returns to its teeming shareholders in its 2022 financial year.
This is even as it promised to continue with its tradition of paying genuine claims as and when due.
Speaking at the 2022 End of the Year/Grand Gala Party in Ikeja, Lagos, at the weekend, the managing director/CEO, Mr. Razzaq Abiodun, who applauded the firm’s stakeholders for a successful business year , said, LASACO excelled despite the turbulent and harsh operating environment.
According to him, “the business environment has been challenging, coming from the backdrop of Covid-19 and inflation that is already affecting how Nigerians priortise their needs. Inflation has grown over 20 per cent but notwithstanding, we have been able to wax even stronger because as far as insurance is concerned, there are advantages and opportunities in every challenge.. In whatever that happens, there is always an avenue for insurance and LASACO has actually leveraged on that.”
In terms of gross premium, he said, the company has been growing for some years now, 25 to 30 per cent against the industry average even as the insurer had improved ratings in the current year.
Promising that 2023 will be a better year for the company, he stressed that, LASACO Assurance will expand its outreach, leveraging on the broking platform and technology as well as its branch network.
“Insurance industry is taking position.
issue facing the industry now is lack of awareness. There has been tremendous improvement in this, both from the regulator and operators. So, with the influx of technology, within the next two to three years, the level of growth you have seen in other sectors would be replicated in insurance industry,” he pointed out.
On the reason for the celebration, he said: “we have been doing this before, but what we have this year is to celebrate with all our stakeholders, customers, brokers, directors and employees. Its an extended invitation to our stakeholders. The motive is to thank God for what He has done in the life of LASACO, despite the turbulent and harsh operating environment.”
Similar, the company’s chairperson, Mrs. Maria Olateju Phillips, ably represented by Independent non-executive director, Engr. Sani Ndanusa, noted that, company is upping its game, with so many projections put together to improve the firm’s performance.
“LASACO Assurance has come a very long way in the last 40years and today, we are among the top insurers in the insurance industry. We abide by the ethics and professionalism of the business. We don’t take our Corporate Social Responsibility(CSR) for granted. We have a good working environment and we have satisfied our shareholders, customers and board alike, going by their testimonies at this event,” he stressed.
In the same vein, its non-executive director, Mr. Adeniyi Rasaq Saliu, stated that, the company has change its mantra to be among the top five in the insurance market in the next few years.
To him, “ LASACO Assurance has a legendary reputation for claims payments. In insurance business, what differentiates you from others is your ability to pay claims on time and over the years, we have shown that we are a company that has capacity to pay claims promptly.”
