AGM: Lasaco Assurance records N1.68bn profit before tax

Lasaco Assurance Plc has recorded a profit before tax of N1.68 billion, marking an increase from N1.58 billion in 2022.

It was reported that the company disclosed on Friday at the 44th Annual General Meeting (AGM) on Friday in Lagos.

Mrs Olateju Philips, the Chairman of Lasaco, while addressing the shareholders, said that the company had again demonstrated its resilience and adaptability, defying economic headwinds to maintain a robust presence in the insurance industry.

According to her, the company’s steadfast commitment to excellence and sustainability is evident, underscoring its ability to navigate challenging market conditions.

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

“Notably, the company’s profit before tax experienced a commendable uptick, advancing from N1.58 billion in 2022 to N1.68 billion in 2023, reflecting a noteworthy six per cent increase,” she said.

Philips, represented by Mr Akin Doherty, Non-Executive Director, Lasaco, added that with a renewed focus on operational efficiency, risk management and digital transformation, Lasaco Assurance was poised to capitalise on emerging opportunities.

Doherty said that the drive growth had further strengthen its market position.

“With the economic turbulence witnessed towards the close of 2023, Lasaco Assurance Plc adeptly maintained its market share and fortified its position within the insurance industry.

“We achieved insurance revenue of N18.29 billion, marking a notable 36 per cent surge from the previous year’s N13.47 billion,” he said.

Doherty, however, noted that the company ‘s profit after tax witnessed a decline of 13 per cent, descending from N1.52 billion in 2022 to N1.32 billion in 2023.

He said that Lasaco Assurance Plc recorded commendable growth in total assets, surging from N25.58 billion to N26.97 billion, emblematic of a robust five per cent growth rate.

Doherty added that the shareholders’ fund experienced a marginal, yet noteworthy, uptick of 11 per cent from N12.33 billion in 2022 to N13.66 billion in 2023.

“We have reviewed the scope and planning of the audit for the year ended 31 December 2023 and confirm that they were adequate.

“This is done in a related development, the report of the Audit and Compliance Committee, in accordance with the provisions of Sections 404 (7) of the Companies and Allied Matters Act, 2020.

“The company’s policies and internal control systems conform to legal requirements and ethical practices; and we are satisfied with the departmental responses to the external auditor’s findings on management matters for the year ended, December 31, 2023,” he added.

Mr Rasak Abiodun, Managing Director, Lasaco Assurance, while addressing stakeholders’ questions on dividend payments, said the company made a strategic decision to retain the payment for something in the future.

”We made a strategic decision to retain earnings this year to invest in growth opportunities and expand our operations.

“This move will enable us to bake a bigger cake for the future, benefiting our shareholders and stakeholders in the long run.

“Our subsidiaries are performing well, and our financials reflect this positive trend,” Abiodun said.