Lasaco Assurance Records N1.68bn Profit Before Tax

Lasaco Assurance Plc has once again demonstrated its resilience and adaptability, defying economic headwinds to maintain a robust presence in the insurance industry.

At its 44th Annual General Meeting (AGM) held at Marriott Hotel, Ikeja, Lagos, the company showcased its steadfast commitment to excellence and sustainability.

Despite the economic downturn, Lasaco Assurance prioritized innovation, customer satisfaction, and strategic growth, solidifying its position as a leader in the Nigerian insurance sector.

The successful 44th AGM highlighted the company’s dedication to transparency, accountability, and shareholder value.

According to Chairman Chief (Mrs.) Maria Olateju Philips, “Lasaco Assurance Plc maintained its market share and fortified its position despite economic turbulence, achieving insurance revenue of N18.29 billion – a 36% surge from N13.47 billion in the previous year.

“Notably, profit before tax increased by 6% from N1.58 billion in 2022 to N1.68 billion in 2023. However, profit after tax declined by 13% from N1.52 billion to N1.32 billion.

“Lasaco Assurance Plc recorded a 5% growth in total assets, from N25.58 billion to N26.97 billion, and an 11% increase in shareholders’ fund, from N12.33 billion to N13.66 billion,” Philips stated.

The Audit and Compliance Committee reported: “We reviewed the audit scope and planning for the year ended 31 December 2023 and confirmed their adequacy. Our policies and internal control systems conform to legal requirements and ethical practices.”

Addressing dividend payment queries, Otunba Akin Doherty, Non-Executive Director, stated: “We strategically retained earnings to invest in growth opportunities, expanding our operations to benefit shareholders and stakeholders in the long run. Our subsidiaries are performing well, reflected in our financials.”

As Lasaco Assurance celebrates this milestone, it reaffirms its commitment to exceptional service, policyholder interests, and national economic development.