Lasaco Assurance Plc has announced that it will pay a 15 kobo dividend on each share, amounting to N183 million for the fiscal year ending December 31, 2022.
According to the Punch, the company’s chairman, Teju Philips, made this announcement at the 43rd annual general meeting in Lagos.
She also revealed that the shareholders’ fund increased from N11.3 billion in the 2021 fiscal year to N12. 99 billion in 2022, a 15% increase.
According to the financials she gave, the premium income rose by 4.7% from N13.28 billion in 2021 to N13.9 billion in 2022, while its net premium income increased from N8.2 billion to N9.5 billion during the year under review.
The company’s earnings before tax jumped from N283m to N1.5bn, or a 445% rise, despite underwriting expenses rising by 9% from N3.5bn in 2021 to N3.8bn in 2022.
Profit after taxes rose from N261m in 2021 to N1.5bn in 2022, a 466 percent rise.
The company’s capacity to reduce risk exposure is demonstrated by the fact that its net claim expenses were reduced by 14% from N4.4 billion in 2021 to N3.7 billion in 2022.
According to Philips, the company’s total assets increased by 8.9%, from N23.96 billion to N26.1 billion.
Philips continued by saying that the company’s objective was to continue leading the insurance sector by foreseeing and promptly satisfying changing client needs.
“To achieve this, we are committed to fostering a culture of innovation, collaboration, and excellence, and we continuously strive to identify and leverage new technologies to drive our growth and enhance our capabilities,” she said.
The company’s managing director, Razzaq Abiodun, also spoke at the meeting and told shareholders that the 2023 fiscal year will be better as the influence of the new motor insurance policy rate takes effect, thereby increasing the premium income of operators in the sector.
