P.M.EXPRESS reports as was disclosed by the Chairman of LASACO, Mrs. Olateju Phillips, on Thursday at the company’s Annual General Meeting in Lagos.
She explained that despite the economic recovery in the country, following the aftermath of COVID-19 and various unrest the country, the company had successfully maintained its market share in the insurance industry.
Mrs. Phillips stated that the company achieved a gross premium of N13.91 billion, representing 4.7 per cent increase from N13.28 billion recorded in 2021.
“It is worth nothing, however, that our profit before tax skyrocketed from N283 million to N1.5 billion indicating a 445 per cent increase.”
“Similarly, our profit after tax increased by N466 per cent from N261 million in 2021 to N1.5 billion in 2022 as our total assets grew from N23.96 billiion to N26.1 billion, representing 8.9 per cent growth rate.”
“Moreover, our shareholders’ fund also marginally increased by 15 per cent, from N11.31 billion in 2021 to N12.99 billion in 2022,” she said.
Mr. Razak Abiodun, the Managing Director of the company in his remarks, said that 2022 annual general meeting was a celebration of success and longtivity of the organisation.
According to Abiodun, the company has been in existence for four decades and sustained a culture of profitability.
Abiodun noted that the company’s good performance was achieved due to the stakeholders’ confidence in the board and management of LASACO.
He explained that the company could not pay dividend in 2022 but decided plough back its profits in investment to boost its service anď embarked on diversification to enhance its performance.
“We are declaring a profit that’s creating a return on investment of over 10 per cent which is quite loyal in this current economy situation in the country.”
“The dividend that was not shared at the last AGM has paid off. As a result, shareholders will be sharing current dividend of 13.9 billion with profit after tax of 1.4 per cent,” he said.
“We are still going to diversify in properties and other viable sector for more performance and progress,” the Managing Director added.