Lasaco Assurance Revenue Hits N18.3bn In 2023

Insurance revenue of Lasaco Assurance Plc rose significantly to N18.3billion in 2023 financial year from N13.5billion it was the previous year. This growth represents 36 percentage surge within the period under review.

Similarly, its profit rose by 6per cent, from N1.6billion in 2002 to N1.7billion in 2023, even as its shareholders’ funds was N13.7billion in 2023 from N12.3billion in 2022 financial year.

Speaking at its 2023 annual general meeting (AGM) in Lagos, its Chairman, Mrs. Teju Phillips said, its profit after tax witnessed a decline of 13 per cent descending from N1.52billion to N1.3billion in 2023.

Disclosing that it recorded commendable growth in total assets, surging from N25.58billion to N26.97billion, emblematic of a robust 5 per cent growth rate, he said, its performance was amidst economic challenges, hence, underscores its resilience and commitment to delivering value to stakeholders. Moving forward, we remain dedicated to leveraging strategic initiatives and prudent management practices to sustain our growth trajectory and uphold our position as a trusted leader in the insurance sector, he noted.

Looking into the future, he said, the insurer is poised to elevate its performance by embracing innovative digital transformation initiatives, adhering to industry best practices, fortifying its capital base, enhancing its technological infrastructure, intensifying capacity building efforts, fostering collaboration and partnerships, optimising processes and reinforcing risk management and internal controls.

Concurrently, she said, “we are committed to enhancing our brand identity and visibility through modern innovatives while empowering our workforce to achieve greater heights. With a strategic and relentless pursuit of excellence, we are confident that Lasaco Assurance Plc will be positioned for sustained success and growth in the years ahead.”

On his part, the managing director/CEO, Lasaco Assurance Plc, Mr. Razzaq Abiodun, while calling for understanding of the shareholders for not able to declare dividend this year, he promisied them improved dividend in the next financial year, saying, ‘I will implore out shareholders to fast now and break the fast in the next financial year with a bumper returns on investment.’