Insurance World

LASACO Assurance Board Proposes N0.05Kobo uDividend For Shareholders’ * As Gross Premium Income Appreciates By 21% FY19

Segun Balogun GMD LASACO Assurance Plc

BY NKECHI NAECHE-ESEZOBOR– Shareholders of Lasaco Assurance Plc will receive dividend for the financial year ended December 31, 2019, the underwriting firm has confirmed.

The decision to reward shareholders despite the harsh operating environment was reached at the meeting of the board of directors.

The board recommended a dividend of five kobo (N0.05k) for its investors for the financial year ended 31st December 2019.

The dividend if approved by members at the 40th Annual General Meeting to be held at Oriental Hotel, 3, Lekki – Epe Express Way, Function Rooms 2r3 and 4, Victoria Island, Lagos on Tuesday, 15th September, will be paid to Shareholders’ accounts in accordance with the directive of the Securities and Exchange Commission on Tuesday, 22nd of September 2020 to the shareholders whose names appear in the Register of Members at the close of business on Monday, 31, August 2020.

This is coming on the heels of tremendous achievements made by the company in 2019 financial year when it recorded a Gross Premium Income (GPI) of N9.748billion from N8.024billion in December 2018, representing 21 percent increase, while gross premium written (GPW) also increased from N9.014billion in 2018 to N9.341billion , representing 4 percent increase.

Despite the increasingly difficult operating environment, the company made appreciable progress in all fronts.
It achieved an underwriting profit growth of N2,298 billion in 2019, compared to the N2.121 billion in 2018, while claims paid was N2.171billion compared to N1.801 billion paid in 2018, this indicating an increase of 21 percent.

The insurer annuity fund increased by 21 percent from N32,873million in 2018 to N262,499 million in 2019..

The meeting is expected to be held in compliance with Covid-19 directives of the federal and state government.

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