LASACO Assurance Plc recorded N9.34 billion gross written premiums in its 2019 financial year end, translating to four per cent growth when compared to N9.01 billion posted in 2018 financial year.
Similarly, its net underwriting income increased by 29 per cent from N5.22 billion in 2018 to N6.71 billion in 2019, while its total assets increased by 9 per cent from N17 billion to N18.5 billion within the period under review.
Moreover, shareholders’ fund went down by 4 per cent from N8.4 billion to N8,1 billion in 2019. The company also declared 5 kobo dividend per share to its shareholders.
Speaking at the 40th annual general meeting of LASACO Assurance Plc in Lagos yesterday, its acting chairman, Engr. Sani Ndanusa, said the insurer is currently restrategising and restructuring its processes in order to deliver better, efficient and cost effective services to its numerous customers.
To him, “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 digitalisation of our operations. We shall continue to ensure quality deliver in all our products and services. As you may be aware, we have also improved on promotion of LASACO brand by engaging in partnership with media houses for regular presence in 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 our stakeholders,” he added.
Speaking on the recapitalisation plan of the company ahead of the December 2020 and September 2021 deadlines, the group managing director, Mr. Segun Balogun, assured the shareholders that plans are in top gear to haveraised 50 per cent of the expected threshold of N18 billion, being a composite insurer, by October 2020.
He expressed optimism that LASACO will scale through the process successfully, thanking the shareholders and customers for their loyalty to LASACO brand, promising that the board will not let them down.