Ngeria: Lasaco Insurance gets income of N1.8b
September 11, 2008 by ella
Lasaco Assurance Plc has announced a gross premium income of N1.8 billion for the year ended December 31, 2007.
This represents an increase of 14.9 per cent growth when compared to N1.6 billion in 2006. Net premium earned also went up by 21.4 per cent from N1.015 billion in 2006 to N1.375 last year.
Investment and other incomes significantly rose to N845.7 million in 2007 compared to N31.9 million of 2006, representing a phenomenal increase of 2,551 per cent.
Also, total assets recorded 211 per cent increase from N2.77 billion in 2006 to N8.086 billion, an increase if 301.6 per cent, reflecting new levels of recapitalisation in the company.
Addressing shareholders at the 28th yearly general meeting of the company held in Lagos, the Chairman, Edward Akin Leigh said that the impressive results was the basis for the eight kobo dividend payout recommended by the board to be paid to shareholders.
On future prospects of the company, he said: “Our 2007 results show that by carefully implementing the disciplined strategies and programmes of our bold, integrated transformation and profit enhancing business model (TAGS) the company can reap tremendous benefits of steady and profitable growth for many years to come. Instead of pursuing hasty expansion after recapitalisation, we have given clear priority to eanhancing our earnings structure on a sustained basis by operating a three-division group company, Lasaco Assurance Plc the general Insurance business, Lasaco Life Assurance Company (the life assurance business, and Lasaco Properties and Investment Company.
According to him, the branch network expansion would focus on public sector, Lagos/Southwest region, Southsouth region, FCT/Northern region and Foreign investment operations (starting with the proposed 20 per cent equity $1 million (N120 million participation in Unique Insurance Company of Ghana in 2008).
