Insurance

LASACO Assurance GWP hits N9.01bn in 2018

* Pays 5 kobo dividend per share

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Chuks Udo Okonta

The 2018 audited financial statements of LASACO Assurance Plc which was released recently showed that the company had a good outing last year, with significant improvement across all the top and bottom lines.

The firm’s Gross written Premium (GWP) for the period rose by 35 percent from N6.67 billion in 2017 to N9.01 billion by December 2018. When the Gross Written Premium was disaggregated, LASACO Assurance generated N5.64 billion premium from non-life while N3.38 billion came from life assurance services. Net underwriting income of N5.22 billion in 2018 represented 31 percent increase over N3.99 billion earned in corresponding period in 2017.

The underwriting profit was more than doubled as it rose by 64 percent to N2.06 billion last year December as against N1.25 billion the company realised in 2017. Accordingly, 67 percent of the underwriting profit, or N1.39 billion was realised from the non-life services while 33 percent or N667.54 million came through life assurance services.

Investment income during the reference period was down by 14 percent to N753.68 million in 2018 compared with N874.67 million realised as at the end of 2017. Profit before tax at N958.20 million in 2018 witnessed 12 percent improvement when compared with N854.27 million made in corresponding period in 2017.

Profit after tax stood at N736.27 million while the total income of the year was N746.14 million as against N661.87 million and N527.29 million respectively in 2017, representing an increase of 64 percent over the 2017 bottom line.

Following the performance of the insurer, the Board of LASACO Assurance is proposing the payment of a dividend of 5 kobo per share to shareholders for the year ended December 31, 2018.

At the end of December 2018, the company had approximately N10.2 billion invested in fixed income and N967million in equity instruments, according to the Board in the financial statements.

LASACO Assurance Plc is a registered composite insurance and financial services company in Nigeria that offers services in General Insurance, Oil and Gas Insurance, Asset Management and Investment. LASACO Assurance Plc (LASACO) was incorporated on 20th December 1979 and was granted License to carry out the business of insurance and other related businesses on 7th July 1980.

On 1st August 1980, the company commenced operations. In accordance with the Decree, LASACO’s shares were offered to the public and were admitted to the Nigerian Stock Exchange (NSE) by way of introduction, thus becoming the first company to be listed on NSE. In 1991, LASACO became a Public Limited Liability Company (Plc).
The company currently operates from its headquarters at Ikeja, Lagos State Nigeria with branches and underwriting offices in 13 other locations.

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