Insurance World

LASACO Assurance Grow Profit By 64%, GWP Up 35%

  • Offers Investors N0.05 Kobo Dividend

BY NKECHI NAECHE—-The National Insurance Commission (NAICOM) has aporoved the 2018 audited financial statements of LASACO Assurance Plc.

This is contained in a notice to the Exchange that its Gross written premium for the period rose from N6.67 billion in 2017 to N9.01 billion by December 2018, indicating 35 percent increase.

The notice added that non- life business rose to N5.64 billion while N3.38 billion came from life assurance services. Net underwriting income grew to N5.22 billion in 2018 when compared to N3.99 billion in 2017, representingm31 percent appreciation.

The underwriting profit was more than doubled as it rose by 64 percent to N2.06 billion last year December as against N1.25 billion the company realised in 2017. Accordingly, 67 percent of the underwriting profit, or N1.39 billion was realised from the non-life services while 33 percent or N667.54 million came through life assurance services.

Profit before tax stood at N958.20 million in 2018 as against N854.27 million made in 2017, indicatingn12 percent increase. While Profit after tax stood at N736.27 million.

Total income rose to was N746.14 million as against N661.87 million and N527.29 million in 2017, representing an increase of 64 percent over the 2017 bottom line.

Following the performance of the insurer, the Board of LASACO Assurance is proposing the payment of a dividend of N0.0 5 kobo per share to shareholders for the year ended December 31, 2018.

At the end of December 2018, the company had approximately N10.2 billion invested in fixed income and N967million in equity instruments, according to the Board in the financial statements.

Meanwhile, Nigerian Stock Exchange (NSE) has lifted the suspension placed on LASACO Assurance Plc.

According to the NSE, LASACO Assurance has now filed its Audited Financial Statement for the year ended 31 December 2018 to the Exchange.

“The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension,” NSE’s Iwenekhai said.

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