LASACO ASSURANCE GROSSES N4.4BN PREMIUM INCOME

February 28, 2014 | posted in: News & Events | by

LASACO Assurance Plc held its 33rd Annual General Meeting (AGM) in Lagos recently,
grossing a premium income of N4.4 billion in 2012 as against N3.9 billion recorded in
2011.
The Acting Chairman, Engr. Ashim Oyekan, disclosed that the firm recorded a growth of
11 per cent in gross premium income over the previous year.
Oyekan further said the group also paid N1.3 billion claims in the year under review, an
increase of N448 million over what was paid in 2011.
He noted that due to adjustments done in line with International Financial Reporting
Standard (IFRS), the group recorded a loss before tax of N180 million in 2012. He added
that the group within the period grew its investment income by 34 per cent, stressing that
this reflects the group strategic direction to leverage investment income as a key revenue
source.

“The growth from N249 million in 2011 to N334 million in 2012, is the immediate
positive reflection of the efforts to restructure the company’s investment portfolio despite
the difficult investment environment,” he said.
He said that in a bid to maximise the opportunities provided by Information and
Communication Technology (ICT), the firm has initiated the move to partner Interswitch
Limited to enable its customers avail themselves of services, through E-commerce,
including payment real time online.

He maintained that the firm will continue to assess its service platform to ensure it
conforms to best global standards and flexible to meet customer’s expectations.

Oyekan said the firm is poised to take advantage of the huge private investments in the
power sector, adding that the overall strategy of the firm is to leverage its size and status,
and channel investments into areas that will continue to ensure effective and efficient
delivery of set goals.

“The huge private investments in the power sector are expected to stimulate and expand
appreciably the domestic economy. The gains from this economic growth should trickle
down to the common man, increasing his purchasing power and improving his standard
of living.

“We expect that the healthy economic environment thus created will heighten awareness
and demand for insurance. We will leverage our expertise to create insurance products
that will meet all such needs.

“We expect that the retail segment of the insurance market that will be a blue ocean, will
drive our growth and open up the potentials of our company,” he added.

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Authorised and Regulated by the National Insurance Commission (RIC 023)