WorldStage Newsonline– LASACO Assurance Plc, a major player in Nigeria’s insurance sector significant share of key Federal and State Governments Insurance businesses, multinational and private companies underwritng businesses in major sectors of the economy has released its annual report for the year ended 31 December 2019 with 57 percent decline in profit to N315.745 million from N736.279 million in previous year
Total Assets of the company improved by 9 percent to N18.510billion from N 17.052 billion in 2018; Total Liabilities rose by 21 per cent to N10.337 billion from N8.569 billion while Shareholders’ Funds dropped by 4 percent to N8.174 billion from N8.484 billion.
The result which was published on the Nigerian Stock Exchange on Friday showed that in 2019, the premium income increased by 4% from N9.0billion achieved in 2018 to N9.3billion. Net premium income increased by 28% from N4.62 billion in 2018 to N5.90 billion in 2019 Net claims expenses increased by 21% from N1.80billion in 2018 to N2.2billion in 2019. Underwriting expenses increased by 46% from N1.4 billion in 2018 to N2.1billion in 2019
Meanwhile, the directors have proposed a dividend of 5kobo per share for the year ended 31 December 2019
The Company was incorporated in December 20, 1979 under the Company Decree of 1968. The Company then, known as Lagos State Assurance Company Limited obtained license as an insurer on July 7, 1980 and commenced business on August 1, 1980. It became a public limited liability Company in 1991 when the Company’s shares were listed on the Nigerian Stock Exchange. The Company secured a life insurance business license from National Insurance Commission (NAICOM) in 2007. The Company then separated the life business and transferred the related assets and liabilities to its subsidiary, LASACO Life Assurance Company Limited . On January 1, 2009 LASACO Life Assurance Co. Ltd commenced business. The Company operates from its corporate office in Lagos and whilst it maintains branches in major cities of the Federation.
However, the operations of LASACO Life Company Limited and LASACO Assurance Plc have been merged to become a Composite Insurance Company by a court sanction and an approval from the National Insurance Commission (NAICOM). LASACO Life Assurance Company Limited thus ceased to exist as a Private Company from December, 2014 but now a department under LASACO Assurance Plc. The Company is principally engaged in the provision of various classes of insurance such as general accident, fire, motor, engineering, marine, bond insurances and life assurance businesses. The Company also transacts insurance business for aviation, oil & gas and other special risks.
