Lasaco Assurance pays N183m dividend

Lasaco Assurance Plc has said it will pay 15 kobo dividend on every share, translating to a total value of N183m for the financial year ended 31st December 2022.

The Chairman of the company, Teju Philips, disclosed this during its 43rd annual general meeting in Lagos.

She also disclosed that its shareholders’ fund rose by 15 per cent to N12.99bn in 2022, from N11.3bn in the 2021 financial year.

The premium income increased by 4.7 per cent from N13.28bn in 2021 to N13.9bn in 2022, while its net premium income rose from N8.2bn to N9.5bn in the period under review, according to the financials she presented.

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While underwriting expenses increased by nine per cent from N3.5bn in 2021 to N3.8bn in 2022, the company’s profit before tax soared from N283m to N1.5bn, translating to 445 per cent growth.

Profit after tax increased by 466 per cent, from N261m in 2021 to N1.5bn in 2022.

Its net claim expenses decreased by 14 per cent from N4.4bn in 2021 to N3.7bn in 2022, showing the ability of the company to minimise risk exposure.

Philips said the firm’s total assets grew from N23.96bn to N26.1bn, representing 8.9 per cent growth.

She assured shareholders that the company would maintain and surpass its current performance through the implementation of best practice policies, digital transformation, process improvement, retail business strengthening, branch network modification and improvement in customer experience.

The goal of the company, she added, was to remain at the forefront of the insurance industry by proactively anticipating and meeting the evolving needs of customers.

“To achieve this, we are committed to fostering a culture of innovation, collaboration and excellence, and we continuously strive to identify and leverage new technologies to drive our growth and enhance our capabilities,” she said.

Also speaking at the meeting, the Managing Director of the firm, Razzaq Abiodun, assured shareholders that the 2023 financial year would be better as the impact of the new motor insurance policy rate takes effect, thereby increasing the premium income of operators in the sector.