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Tag: LASACO Assurance

  • Lasaco Assurance revenue hits N18.3b

    Lasaco Assurance revenue hits N18.3b

    Insurance revenue of Lasaco Assurance Plc has risen to N18.3billion in 2023 financial year from N13.5billion recorded in the previous year, representing 36 percentage increases within the period under review.

    The underwriting firm’s profit rose by six per cent, from N1.6billion in 2002 to N1.7billion in 2023, even as its shareholders’ funds was N13.7billion in 2023 from N12.3billion in 2022 financial year.

    Lasaco chairman, Mrs. Teju Phillips who made this known at its 2023 Annual General Meeting (AGM) in, Lagos said, its profit after tax witnessed a decline of 13 per cent descending from N1.52billion to N1.3billion in 2023.

    Disclosing that it recorded commendable growth in total assets, surging from N25.58billion to N26.97 billion, emblematic of a robust five per cent growth rate, she said, its performance was amidst economic challenges, hence, underscores its resilience and commitment to delivering value to stakeholders.

    Moving forward, she stated that they remain dedicated to leveraging strategic initiatives and prudent management practices to sustain our growth trajectory and uphold our position as a trusted leader in the insurance sector.

    Looking into the future, she said, the insurer is poised to elevate its performance by embracing innovative digital transformation initiatives, adhering to industry best practices,  fortifying its capital base,  enhancing its technological infrastructure, intensifying capacity building efforts, fostering collaboration and partnerships, optimising processes and reinforcing risk management and internal controls.

    Read Also: Lasaco Assurance records N1.68n profit before tax

    She said: “We are committed to enhancing our brand identity and visibility through modern innovatives while empowering our workforce to achieve greater heights. With a strategic and relentless pursuit of excellence, we are confident that Lasaco Assurance Plc will be positioned for sustained success and growth in the years ahead.”

    On his part, the Managing Director/CEO of Lasaco, Mr. Razzaq Abiodun, while calling for understanding of the shareholders for not able to declare dividend this year, promisied them improved dividend in the next financial year, saying, ‘I will implore out shareholders to fast now and break the fast in the next financial year with a bumper returns on investment.’

    Stating that, the company has recently raised N11billion capital in a self-induced recapitalisation exercise. He said, the company is well prepared ahead of planned insurance industry recapitalisation exercise, noting that, the company is very liquid to meet both the current and future claims obligations.

  • Lasaco Assurance records N1.68n profit before tax

    Lasaco Assurance records N1.68n profit before tax

    Lasaco Assurance Plc has once again demonstrated its resilience and adaptability, defying economic headwinds to maintain a robust presence in the insurance industry. 

    At its 44th Annual General Meeting (AGM) held at Marriott Hotel, Ikeja, Lagos, the company showcased its steadfast commitment to excellence and sustainability.

    Despite the economic downturn, Lasaco Assurance prioritized innovation, customer satisfaction, and strategic growth, solidifying its position as a leader in the Nigerian insurance sector.

    Read Also: GCR Rating affirms Lasaco Assurance’s financial strength

    The successful 44th AGM highlighted the company’s dedication to transparency, accountability, and shareholder value.

    According to Chairman Chief (Mrs.) Maria Olateju Philips, “Lasaco Assurance Plc maintained its market share and fortified its position despite economic turbulence, achieving insurance revenue of N18.29 billion – a 36% surge from N13.47 billion in the previous year.”

    “Notably, profit before tax increased by 6% from N1.58 billion in 2022 to N1.68 billion in 2023. However, profit after tax declined by 13% from N1.52 billion to N1.32 billion,” Philips added.

    “Lasaco Assurance Plc recorded a 5% growth in total assets, from N25.58 billion to N26.97 billion, and an 11% increase in shareholders’ fund, from N12.33 billion to N13.66 billion,” Philips stated.

    The Audit and Compliance Committee reported: “We reviewed the audit scope and planning for the year ended 31 December 2023 and confirmed their adequacy. Our policies and internal control systems conform to legal requirements and ethical practices.”

    Addressing dividend payment queries, Otunba Akin Doherty, Non-Executive Director, stated: “We strategically retained earnings to invest in growth opportunities, expanding our operations to benefit shareholders and stakeholders in the long run. Our subsidiaries are performing well, reflected in our financials.”

    As it celebrates this milestone, Lasaco Assurance reaffirmed its commitment to exceptional service, policyholder interests, and national economic development.

  • GCR Rating affirms Lasaco Assurance’s financial strength

    GCR Rating affirms Lasaco Assurance’s financial strength

    Lasaco Assurance Plc has once again received a reaffirmation of its A (NG) rating and Stable Outlook from Global Credit Rating (GCR), underlining its robust financial position and resilience.

    In a statement,Lasaco said the recognition comes at a time the company continues to navigate challenges.

    According to the company, the report by GCR has accentuated Lasaco Assurance Plc’s strong risk-adjusted capitalisation and ample liquidity, highlighting its ability to withstand market volatility and maintain financial stability.

    The statement read: “The company’s ability to not only endure but thrive in the midst of economic uncertainties solidifies its reputation as a reliable insurance provider in Nigeria. While the GCR report identifies areas for strategic focus, such as modest competitive position and underwriting losses, the company is actively addressing these as part of its long-term growth strategy. By proactively focusing on these areas, Lasaco Assurance is positioning itself for sustained success and further strengthening its position in the market

    Read Also: NCRIB, Lasaco Assurance partner on better service

    “Looking forward, Lasaco Assurance Plc is poised for even greater financial strength, with a finalised capital injection expected to bolster its capabilities further. This injection will undoubtedly enhance the company’s ability to continue delivering top-tier insurance services and meet its obligations. “This reaffirmation by GCR serves as a testament to Lasaco Assurance’s dedication to excellence and its pivotal role as a leading force in the Nigerian insurance landscape. With a steadfast focus on delivering top-tier insurance services, the company remains committed to prioritising the needs of its stakeholders, including customers, staff, investors, and the broader public.’’

  • Lasaco Assurance, others lift LAWMA workers

    Lasaco Assurance, others lift LAWMA workers

    To ensure the safety and visibility of workers, three firms –Lasaco Assurance Plc, alongside Mutual Benefits Assurance Plc, NEM Insurance Plc, and Sovereign Trust Insurance Plc – have provided protective wear to Lagos Waste Management Authority (LAWMA) street sweepers  who keep Lagos State clean.

    The event, held at LAWMA headquarters in Ijora Olopa, Lagos was part of the corporate social responsibility (CSR) initiative of the firms and their impact of their industry on the society.

    Read Also: NCRIB, Lasaco Assurance partner on better service

    Executive Director of Post Assurance Brokers Limited, Mr. Omotayo Balogun, applauded the firms for their contributions, emphasising the importance of the wear in safeguarding the lives of street sweepers and contributing to society.

    Lasaco Assurance said Lasaco-branded vests given to LAWMA street sweepers would significantly increase the visibility of the beneficiaries, reducing the risk of accidents and ensuring that they could carry out their duties safely.

  • NCRIB, Lasaco Assurance partner on better service

    NCRIB, Lasaco Assurance partner on better service

    Lasaco Assurance Plc has met with the Nigerian Council of Registered Insurance Brokers (NCRIB) to deliberate on how best to collaborate with brokers to serve her customers better.

    The insurance giant hosted the NCRIB President, Babatunde Oguntade, and his executive committee members during a visit.

    Managing Director, Lasaco Assurance, Razzaq Abiodun, expressed the hope that  continuous collaboration would be of much benefit to its customers.

    Read Also; Nigeria’s security architecture stretched beyond elastic limits, says Tinubu

    Abiodun said though the economic situation posed a big challenge for insurance, he challenged insurance providers to come up with strategies on how they could survive.

    He advised practitioners to  evolve ways of protecting the interests of their customers by seeking improved productivity and customer satisfaction through collaboration and exchange of ideas that could enable them operate optimally and give consumers the needed satisfaction.

    Oguntade said his organisation chose Lasaco Assurance because of the company’s commitment to customer satisfaction and support for the council.

    CEO/Executive Secretary of the Council, Mr. Tope Adaramola promised a stronger relationship, collaboration, and partnership for better service delivery.

  • Lasaco Assurance contributes to capacity building in education

    Lasaco Assurance contributes to capacity building in education

    Concerned about the standard of education in Nigeria, Lasaco Assurance Plc, has contributed to capacity building in the sector.

    The company said the contribution which it has been making over time is in line with its corporate social responsibility drive, to invest in the enhancement of skills and make students better equipped for the challenges in the sector.

    The latest of its intervention in educational development is its support for the rollout of “The Compass” a magazine published by Airforce Secondary School, Shasha, Lagos. The magazine, which is dedicated to sharing remarkable achievements and inspiring stories within the school community,  mirrors the potential of digital technology in present-day educational development.

    Commandant of the school, Wing Commander B. N. Adamu was full of praise to the management and staff of Lasaco Assurance plc for the support and interest in uplifting education in the country

    He thanked the company for investing in the future of the country through its intervention in education and the development of the youth on whose laps the fortunes of the country would rest in the future.

    Commander Adamu, who led a team of management of the school on a “Thank You” visit to Lasaco’s Corporate House in Lagos, used the opportunity to share his vision for the school and sought the continuous support of the company.

    Read Also: UBEC digitalises quality assurance evaluation in schools

    He called on other corporate giants to emulate the initiative of Lasaco Assurance Plc to be able to guarantee a better future for the country.

    Responding, the Managing Director of Lasaco Assurance plc, Razzaq Abiodun, thanked the commandant for deeming it fit to visit the company and pledged Lasaco’s continued support for the school and other educational institutions.

    Razzaq believed that all corporate organisations must come together to support the government in its quest to take the country out of its doldrums, saying the government alone could not do it without the support and cooperation of the corporate community.

    He explained that his company chose to intervene in the education of children because of its central role in getting the children well-equipped for leadership roles in the future, adding that education would help them fight ignorance and poverty and setting the country on the path to prosperity and growth.

  • Ndanusa retires from Lasaco Assurance board

    Ndanusa retires from Lasaco Assurance board

    Lasaco Assurance PLC has announced the retirement of a former Minister of Sports, Sani Ndanusa, from its board, ending over nine years of cordial working relationship.

    Ndanusa, according to a statement by the company, would be leaving his role as Independent Director.

    While announcing his retirement during the board meeting, Ndanusa hailed the company’s board, management, and others for their support since his appointment.

    Chairman of Lasaco Assurance, Mrs. Olateju Phillips, thanked Ndanusa for providing ‘a strong and passionate leadership that contributed to success of the financial institution’.

    Read Also: LASACO Assurance maintains stable performance

    The Managing Director, Razzaq Abiodun, noted that Ndanusa brought his vast experience to bear while serving as Independent Director, ‘bringing innovative contributions, strong strategic drive and commitment to the success of the company’.

    Abiodun wished Ndanusa the best in future endeavours.

    Ndanusa also served as a member of the Lasaco audit risk management and compliance committee. He is also a Fellow of the Nigerian Institute of Civil Engineering (FNICE).

  • LASACO Assurance posts N5.63b gross premium

    LASACO Assurance posted N5.63billion in  gross premium in the year ended December 31, 2014, as against the N4.96 billion recorded in 2013, Group Managing Director, Olusola Ladipo-Ajayi has said.

    Lado-Ajayi, who made this known in Lagos, said the company’s profit before tax grew to N525. 85 million as against N412.8 million made in 2013.

    According to him, earning per share also increased from N00.4 in 2013 to N00.6 in the year under review. He said: “The company’s revenue base and performance increased thus affirming its leading role in the insurance sector of the economy.

    “The performance is a product of team work and strategic deployment of resources and the restructuring is paying up. We have deployed both human and physical resources to chart a new direction for the organisation to remain the toast of investors.’’

    He said the company is living up to its mission to enhance profitability and deliver dividends to its stakeholders. He added that they have embarked on several restructuring programmes aimed at focusing on its core competence areas to deliver positive results that engender corporate growth.

    He underscored the commitment of the company to sustaining its customer centric posture in order to remain a dynamic and vibrant player in the nation’s financial services sector. This has manifested in several strategies being deployed to develop innovative products and services to align with the aspirations of the customers.

     

     

  • LASACO Assurance reiterates commitment to customer service

    LASACO Assurance reiterates commitment to customer service

    LASACO Assurance Plc is committed to customer service and to remain  vibrant player in the financial services sector, Managing Director, LASACO Assurance, Olusola Ladipo-Ajayihas said.

    Ladipo-Ajayi, who spoke in Lagos, said this had manifested in several strategies being deployed in developing innovative products and services to align with the aspirations of the customers.

    He said: “The company has established a solid reputation excellence customer service delivery and prompts claims settlement. The company since inception has thrived on the platform of qualitative customer’s service delivery. The brand does not only have focus on quality service delivery but also places a high premium on delighting the customers. The brand delights the customers to win through brand loyalty.

    ‘’It has been able to secure greater levels of loyalty from its customers through a dynamic service delivery.

    “Since inception, Lasaco Assurance has continued to re-invent the wheel to ensure that customers derive good benefits out of their relationship with the company. Expectedly, Lasaco Assurance has never been tired of building on such assets of integrity, reputation and good corporate identity as a means of deepening its bond with the customers. With this strive, it has, therefore, remained a reference point for maintaining a solid pedigree as a forward looking and vibrant organisation.’’

    He continued: “The company has over years re-invented the rules of customer service. It has developed a strategic blueprint to position itself as a one stop shop for excellent customer service. Lasaco Assurance has a mission to sustain the quality of life and it has not reneged on this premix to provide customer centric service while also raising the bar of service delivery.”

  • Lasaco Assurance still waxing strong – MD

    Lasaco Assurance still waxing strong – MD

    At a time many insurance firms are in dire straits with rippling effect on their bottom-line, Lasaco Assurance Plc has continued to show a lot of promise, not only in prompt settlement of claims, but also in its market performance in the business year 2013.

    The company was able to settle insurance claims and benefits totalling N2.417 billion in 2013, an increase of N1.05billion over the corresponding amounts settled in the preceding year.

    With this performance, the brand is able to deliver on its promise to meet up with obligations as at when due, which is part of its resolve to meet its obligations to its customers as a credible and reputable insurance conglomerate.

    While reviewing the performance of the company thus far, the Managing Director, Mr. Olusola Ladipo-Ajayi, said it is a function of its core values and strategic goal as a company. “Our core value of integrity, responsiveness, transparency, customer-centric policies is consistently focused on meeting the expectations of our clients while adhering to ethical standards.”

    Speaking further, he stated that it is part of the organisation’s vision to ensure customer satisfaction and deepen increase its market share and penetration.

    He asserted that “one of the areas we have distinguished ourselves over the years is in the area of prompt claims settlements. We have remained consistent through a dynamic and proactive structure put in place to meet the expectations of our growing clientele. The deployment of ICT tools has positioned us to be able to deliver superior value to our numerous clientele across the key sectors of the economy in line with the vision of the company to continue as a market leader in insurance and financial services industry in Nigeria.”

    Apart from settlement of claims and benefits, the company has also shown dexterity and tenacity of purpose in its performance as manifested in the reversal of loss in 2012 to profitability in 2013. The company, which made a loss of N180million recorded in 2012, came out smoking as it bounced back with a net profit of N412million in 2013. Beyond profitability in 2013, its other key business indicators also came out in the positive. It recorded a growth of 12 per cent in gross premium income in the period under review as it raked in N4.96billion compared to N4.43billion generated in 2012.

    Furthermore, the company witnessed a positive performance in net premium earned, which increased from N3.3billion in 2012 to N3.6billion in 2013, an 8per cent increase. It equally recorded a 10 per cent growth in underwriting profit, which stood at N1.40billion as against N1.28billion in 2012.

    The Lasaco boss further explained that the company was able to perform the feat despite unfavourable business operating environment particularly in the insurance subsector of the economy through business ingenuity and pragmatic approach.

    He stated that in order to take the performance to another level in the current business year, Lasaco Assurance has fashioned and is already deploying appropriate offensive business strategies that are able to navigate and win in the face of harsh business environment in the country.