The chairman of Lasaco Assurance Plc, Teju Philips, has said that the company recorded a gross premium income of N13.3 billion in the year 2021, representing a 21 per cent increase over the N10.93 billion generated in 2020.
Legit.ng reports that Philips made this known at the company's 42nd Annual General Meeting (AGM) on Thursday, August 19, in Lagos, assuring customers and shareholders of improved performances in 2022.
Phillips said Lasaco delivered a considerable performance in the year under review when compared to 2020.
“The company achieved a gross premium income of N13.3 billion in 2021, representing a 21 per cent increase over the N10.93 billion generated in 2020.
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“In the same vein, our net underwriting income grew by 15 per cent from N8.05 billion to N9.26 billion.”
The chairman added that the company’s profit before tax declined from N696 million to N281million, signifying a 59% drop, while profit after tax declined by 62% from N679 million to N261million.
Lasaco Assurance's total assets grew from N20.53 billion to N23.96 billion
She said that the organisation's total assets grew from N20.53 billion to N23.96 billion, a 17% increase, while the shareholders' fund increased sharply by 45%, from N7.80 billion in 2020 to N11.31 billion in 2021.
Phillips said that Nigeria’s economic recovery was projected to continue at a slower pace as the low impact that began in 2020 faded.
The chairman, however, said Lasaco would uphold and surpass its current performances through the implementation of best practice policies, digital upscaling, process strengthening and customer experience rejuvenation.
“The journey continues improving our identity and visibility through various modern initiatives and building our employee capacity to better position them to do more.
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“Our investment diversification strategy is yielding tremendous results and we plan to diversify further in order to gain maximum return.”
Phillips said that there was a change in the board as the former managing director, Segun Balogun, retired from the company after clicking the retirement age of 60 years on May 29.
She said that Razzaq Abiodun was appointed in an acting capacity on April 20, 2021, and the appointment was confirmed by National Insurance Commission on Aug. 27, 2021, as the Managing Director/Chief Executive Officer.
Investors in the Nigerian stock market recorded N278.57billion loss in one day
Meanwhile, Legit.ng had previously reported that Nigerian investors lost N278.57 billion in one day as the market recorded profit-taking and protection against loss among shareholders.
It was reported that the sell-off triggered by uncertainty among investors caused the market capitalisation to plunge.
At the end of trading, investors' lack of interest on the trading floor and massive share dump among stakeholders pushed the equity cap down to N20,08 trillion, against the N20.35 trillion recorded.