‘How LASACO grew stakeholders’ value despite challenges’




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The Chairman of Lasaco Assurance Plc, Mrs Olateju Philips, has disclosed despite of the challenging situation experienced in 2020 because of COVID-19 pandemic, the company was able to deliver an awesome performance with a record Gross Premium Written of N10.937billion.


Philips, who spoke during the company’s 41st AGM in Lagos, added that Lasaco Assurance Plc was able to generate N8.05billion in net underwriting income as against N6.71billion made in 2019, signifying an increase of 20% year on year.

She said: “This signifies a 17% growth in performance compared to Gross Premium Written in 2019.

“The company made N8.05billion in net underwriting income as against N6.71billion made in 2019 signifying an increase of 20% year on year.

“100% increase was recorded in profit before tax from N315.7billion in 2019 to N679.4million in 2020. Our total asset grew from N18.5billion to N20.5billion signifying 11% increase while shareholders’ fund declined by 2% from N7.98billion in 2019 to N7.80billion in 2020.”


Speaking further, she said that with the array of 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 policy adjustments and reforms will 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 share. Our strategies to improve our identity and visibility to increase sales and market share.

“Our strategic digital transformation will 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 organization to growth through increase in investment income.”

She assured the shareholders, board members, management, and staff of Lasaco Assurance Plc, that it is the dawn of new era adding that together with their continuous supports, the legacy will be sustained.