Dividend Announcement and Financial Performance
During its 43rd annual general meeting, Lasaco Assurance Plc announced a dividend payout of 15 kobo per share, amounting to a total value of N183 million for the financial year ending December 31, 2022. The company’s Chairman, Teju Philips, revealed that the shareholders’ fund witnessed a 15% rise, reaching N12.99 billion in 2022 compared to N11.3 billion in 2021.
Significant Increase in Premium Income and Profit
Lasaco Assurance Plc experienced a 4.7% growth in premium income, increasing from N13.28 billion in 2021 to N13.9 billion in 2022. Additionally, its net premium income surged from N8.2 billion to N9.5 billion during the same period. The company’s impressive financial performance is further highlighted by the remarkable growth in profit before tax, which soared from N283 million to N1.5 billion, representing a staggering 445% increase. Profit after tax also saw substantial growth, rising by 466% from N261 million in 2021 to N1.5 billion in 2022.
Effective Risk Management and Asset Growth
Lasaco Assurance Plc demonstrated its ability to minimize risk exposure with a 14% decrease in net claim expenses, which dropped from N4.4 billion in 2021 to N3.7 billion in 2022. The company’s total assets also experienced a healthy 8.9% growth, expanding from N23.96 billion to N26.1 billion.
I must commend Lasaco Assurance Plc for its impressive financial performance and dividend announcement during the 43rd annual general meeting. The company’s commitment to rewarding its shareholders with a dividend of 15 kobo per share showcases its dedication to creating value for its investors.
The substantial growth in shareholders’ fund by 15% reflects the company’s effective management and strategic decision-making, resulting in increased confidence among its stakeholders. Moreover, the noteworthy increase in premium income and net premium income demonstrates Lasaco’s ability to attract and retain customers.
The most remarkable aspect of Lasaco’s financial performance lies in the exponential growth in profit before tax and profit after tax, with both figures surpassing previous years by a substantial margin. This impressive achievement indicates the company’s strong position in the insurance industry and its capacity to adapt to changing market dynamics.
Lasaco Assurance Plc’s focus on effective risk management is evident from the decrease in net claim expenses. This achievement underscores the company’s commitment to ensuring financial stability and protecting its customers’ interests.
The assurance provided by the company’s Chairman, Teju Philips, and Managing Director, Razzaq Abiodun, about maintaining and surpassing current performance through various strategic initiatives, including digital transformation and process improvement, instills confidence in shareholders and the market.