In spite of the challenging situation experienced in the year 2020 as a result of the COVID-19 pandemic, Lasaco Assurance Plc recorded gross premium written of N10.937 billion.
The chairman of Lasaco Assurance, Mrs Olateju Philips, disclosed this at the company’s 41st Annual General Meeting (AGM) held in Lagos.
According to her, Lasaco Assurance was able to generate N8.05 billion in net underwriting income as against N6.71 billion made in 2019, signifying an increase of 20 per cent year on year.
“We recorded a Gross Premium Written of N10.937billion, resulting to 17 per cent growth in performance compared to gross premium written in 2019. The company made N8.05 billion in net underwriting income as against N6.71 billion made in 2019 signifying an increase of 20 per cent year on year.
“100 per cent increase was recorded in profit before tax from N315.7 billion in 2019 to N679.4 million in 2020. Our total asset grew from N18.5 billion to N20.5billion signifying 11 per cent increase while shareholders’ fund declined by two per cent from N7.98 billion in 2019 to N7.80 billion in 2020,” she said.
Speaking further, she said that with the array of economic events which the company was able to manage in the previous year and strategies put in place by the leadership of the organisation, 2021 promises to be better for Lasaco Assurance Plc.
“We are also hopeful that the economic policy adjustments and reforms will aid the business environment positively. In the last one year, we have worked assiduously to map out strategies to improve our identity and visibility to increase sales and market share.
“Our strategies to improve our identity and visibility to increase sales and market share.
“Our strategic digital transformation plan will aid customer experience and the diversification of income streams deepening will add tremendous value to the bottom line.
“Plans have also been devised for the diversification of our investment portfolio. This will spur the organisation to growth through increase in investment income,” she added.
Philips lamented that the COVID-19 pandemic placed Nigeria in a critical condition in 2020 as the country locked down economic activities at the beginning of quarter 2020 in order to minimise the spread of COVID-19.
She stated that this affected insurance businesses in the country as claims in both high frequency and high severity were recorded country wide, saying that, “Hopefully, policy adjustments and reforms designed to shift the country from it dependence on oil and to diversify the economy towards private sector-led growth will set Nigeria on a more sustainable path to recovery.”
She assured the shareholders and other stakeholders of the company that it is the dawn of new era, adding that together with their continuous supports, the legacy of the organisation will be sustained.