Lasaco Assurance Plc says its commitment to excellence and sustainability has helped the company defy economic challenges and maintain a robust presence in the insurance industry.
The company stated this during its 44th annual general meeting (AGM) held at Marriott Hotel, Ikeja, Lagos,
In a statement on Friday, the company said it recorded N1.68 billion before tax, adding that the achievement showcased its resilience and adaptability.
Lasaco Assurance further noted that despite the economic downturn, it prioritised innovation, customer satisfaction, and strategic growth, which has solidified its position as a leader in the Nigerian insurance sector.
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The organisation said the successful 44th AGM highlighted the company’s dedication to transparency, accountability, and shareholder value.
“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,” Maria Olateju Philips, the company’s chairman, said.
“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.
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“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.”
The audit and compliance committee said: “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, 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.”
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