Lasaco Assurance Plc has experienced steady growth over the past three years with gross premium income rising from N10.96bn in 2020 to N13.91bn in 2022.
According to the company’s financial statement, “This positive development is reflected in the company’s gross premium income, which surged from N10.96bn in 2020 to N13.91bn in 2022, signifying an increased ability to attract a larger customer base and generate more revenue.”
Despite navigating a challenging business environment, Lasaco Assurance has achieved notable growth in its bottom line, with a positive underwriting profit of N3.1bn in 2022.
In the statement, Lasaco Assurance Plc’s Managing Director, Razzaq Abiodun, emphasized the importance of claims payment, a crucial aspect of its business operations.
The company has consistently maintained a high rate of net claims paid, a testament to its commitment to its clients. Despite experiencing a slight decline in claims paid in 2022, Lasaco Assurance has paid out a total of N8.99bn in 2021 and N4.29bn in 2020.
The company has also achieved a positive underwriting profit of N2.3bn in 2020, declining to N1.71bn in 2021, before rebounding to N3.1bn in 2022. This trajectory attests to the company’s ability to navigate a challenging business environment while achieving notable growth in its bottom line.
The statement also highlighted Lasaco Assurance’s commitment to upholding its corporate policy by fostering trust and maintaining relationships with its clients. The company has presented compensation letters ranging from N629,763 to N6.59m to the families of each deceased staff member of two organisations, totalling N3bn since 2017.
The company’s outstanding performance has been recognized by a global credit rating agency, which awarded the company an A rating. According to Abiodun, this rating is proof that Lasaco as a brand aims to provide long-term values to stakeholders.
In his words, “We are pleased to have a better rating in 2022 as opposed to the A- rating in 2021. We remain committed to being the insurance company of choice in Nigeria, providing products and services of superior quality.”
