Lasaco chairman: We maintained market share in insurance industry despite unrest

Teju Philips, chairman of Lasaco Assurance Plc, says the company has successfully maintained its market share in the insurance industry despite the growing unrest in the country. 

Philips spoke on Thursday during the presentation of the company’s 2022 annual report and financial statements at the 43rd annual general meeting in Lagos.

She said in 2022, many countries, including Nigeria, experienced heightened political tension and deteriorating socioeconomic situations, as the country fell short of expectations.

Philips, however, added that Lasaco is committed to maintaining and surpassing its current performance through the implementation of best practice policies, digital transformation, process improvement and retail business.

“The global economy is currently experiencing a significant and widespread slowdown, with inflation at levels not seen in many years. This is due to factors such as the cost of living crisis, tightening financial conditions, Russian’s invasion of Ukraine and the ongoing COVID-19 pandemic,” Philips said.

“The projected global growth rate is expected to decline from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023, which is the weakest growth outlook since 2001, excluding the global financial crisis and the acute phase of the COVID-19 pandemic.

“According to United Nations, the Nigerian economy is expected to grow by 3% in 2023. The predominant theme in Nigeria will undoubtedly be the general elections and the pressing issue of how the incoming president intends to manage the unprecedented national debt of N44.06 trillion.

“Despite the economic recovery in Nigeria following the aftermath of COVID-19 and various unrest in the country, our company has successfully maintained its market share in the insurance industry. We achieved a gross premium written of N13.91 billion, which is a 4.7% increase from the previous year’s N13.28 billion. Additionally, our net underwriting income grew by 9%, from N10.6 billion to N6.3 billion.

“It is worth noting, however, that our profit before tax skyrocketed from N283 million to N1.5 billion, indicating a 445% increase. Similarly, our profit after tax increased by 446%, from N261 million in 2021 to N1.5 billion in 2022. Our total assets grew from N23.96 billion to N26.1 billion, representing a 8.9% growth rate. Moreover, our shareholders’ fund also marginally increased by 15%, from N11.31 billion in 2021 to N12.99 billion in 2022.”

Philips also added that the company is committed to upholding its legacy by continuing to deliver value and excellence in all our operations.