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Tag: LASACO

  • LASACO posts N1.14b profit

    LASACO Assurance Plc has posted a profit before tax of N1.14 billion in the 2016 financial year ended December 31, 2016 as against N404 million in 2015, representing an increase of 183 per cent.

    The underwriting firm’s premium income also grew to N6.04 billion in the year under review from N5.1 billion recorded in the previous year, representing 18 per cent growth.

    The Total assets further grew from N16.1 billion in 2015 to N19.2 billion in 2016 while shareholders’ fund also grew from N6.58 billion to N7.85 billion.

    The firm’s net premium income, however, reduced by 43 per cent from N2.4 billion in 2015 to N1.4 billion in 2016, due to increase in unearned premium income and reinsurance cost.

    Underwriting profit reduced by N804 million from N1.03 billion in 2015 to N235 million in 2016. In the same vein, claims expenses reduced by N84 million from N706 million in 2015 to N622 million in 2016, while operating expenses for the year increased by N948 million from N1.509 billion to N2.458 billion in 2016.

    LASACO Chairman, Mrs. Aderinola Disu, while speaking at the 37th Annual General Meeting of the firm said they were able to achieve the result despite the difficult operating environment. She stressed that the Nigerian economy went into recession in July 2016 after two consecutive quarters of negative Gross Domestic Product.

    She said: “As a result, the business environment was characterised by a high level of uncertainty, due to various changes in fiscal and monetary policies and regulations. The unpredictability in the economy was felt in every sector, as businesses and corporate entities found it difficult to meet growth targets, due to high operational costs. Consumers also experienced decline in purchasing power.

    “We are striving to shift the focus of the economy from the oil sector to the non-oil sector. The effective utilisation of technology has led to development in various sectors such as information and communication, agriculture and other services.

    “There is still much to be done in terms of infrastructural development and the harnessing of our nation’s resources. This will help to pull the country out of its current fiscal and monetary indiscipline and also stabilise the economy.”

  • LASACO pays Lagos 85 deceased dependants N171m benefits

    Eighty-five dependants of deceased Lagos State Local Government and Primary School Teachers from the Lagos State Government State Universal Basic Education Board (SUBEB) staff have received N171 million insurance death benefits from LASACO Assurance Plc.

    Managing Director, LASACO Assurance, Segun Balogun, while presenting the cash to the beneficiaries at the Ministry of Local Government and Community Affairs, Alausa, Ikeja, Lagos, praised the government for instituting theGroup Life Insurance Scheme (GLIP) for its workers in 2009.

    He said 174 relations of the deceased staff benefited from the scheme between 2013 and last year.

    He said out of the 36 states in the country, only a few have implemented the scheme.

    He urged the beneficiaries to use the money judiciously, especially for the education of deceased children.

    The Permanent Secretary (PM), Ministry of Local Government & Community Affairs, Fola Padonu, added that the presentation of death benefits to 85 beneficiaries that consist of 50 local government and 35 SUBEB deceased staff is the third. The first and second presentations were in  2013 and last year to 174 beneficiaries.

  • LASACO records N5.1b gross premium

    LASACO records N5.1b gross premium

    LASACO Assurance Plc has recorded a gross premium income of N5.1 billion in its 2015 financial year.

    The result shows a nine per cent reduction when compared to the N5.6 billion posted in 2014. This was attributed to the slowdown in many business sectors which began in 2015 due to fall in oil price.

    LASACO Chairman, Mrs. Aderinola Disu made this known at the company’s 36th Annual General Meeting at the Premier Hotel, Ibadan, the Oyo State capital.

    He said even with drop in business, there was an increase of five per cent in the firm’s net premium income which rose from N2.3 billion in 2014 to N2.5 billion in 2015.

    She said the underwriting firm’s profit reduced by 13 per cent to N1.04 billion as against N1.19 billion in 2014 but noted that due to a wise investment strategy even in these trying times, investment income increased to N661.5 million, representing 28 per cent growth over the N515.2 million achieved in 2014.

    She said: “The profit before tax reduced by 23 per cent from N525.8 million in 2014 to N406.7 million in the current financial year. The company’s profit after tax reduced by 39 per cent in 2015 to N285 million as against N445.7 million which makes the company’s total assets increased by 11 per cent from N14 billion in 2014 to N16 billion in the year under review.”

    On the company’s board changes and issues of corporate governance, the chairman said the National Insurance Commission (NAICOM) recently enforced the Code of Corporate Governance 2009 for the insurance industry in Nigeria as part of its strategic efforts to rebuild and sustain the waning confidence of stakeholders in insurance.

    In this connection, Olusola Olatayo Ladipo-Ajayi having attained retirement age of 60 retired as the Managing Director and was replaced by Segun Balogun, who was appointed  as the Deputy Managing Director last year, she said.

    She noted that Balogun has worked as the chief executive officer in top insurance companies and he is a seasoned insurance practitioner with over 30 years experience and the right business acumen to move the company forward.

    Furthermore, Akin Odusami, Otunba Akin Doherty and Rilwan Oshinusi equally joined the board as non-executive directors and deputy managing director.

    On the firm’s future outlook, she said as an organisation, in the coming year, they will have to focus on repositioning their brand and improving on value proposition for their stakeholders and customers.

    “We have positioned our company to respond to the current dynamics of the business environment by improving on our business models. We have commenced the process of increasing our market share by identifying trends and opportunities, understanding customers’ behaviour while at the same time improving on the quality of services to our customers and business partners. An e-services platform, which will provide real time business interaction while reducing process time and operational cost, will soon be launched.

    “Digital distribution of insurance is the new frontier. As customers become digitally savvy, the insurance sector will need to ramp up its digital presence to accommodate the changing buying pattern of customers. This is a new market the behavior of the millennial and their insurance needs, is being researched by our company.’’

  • LASACO records N5.1b gross premium

    LASACO Assurance Plc has recorded a gross premium income of N5.1 billion in its 2015 financial year.

    The result shows a nine per cent reduction when compared to the N5.6 billion posted in 2014. This was attributed to the slowdown in many business sectors which began in 2015 due to fall in oil price.

    LASACO Chairman, Mrs. Aderinola Disu made this known at the company’s 36th Annual General Meeting at the Premier Hotel, Ibadan, the Oyo State capital.

    He said even with drop in business, there was an increase of five per cent in the firm’s net premium income which rose from N2.3 billion in 2014 to N2.5 billion in 2015.

    She said the underwriting firm’s profit reduced by 13 per cent to N1.04 billion as against N1.19 billion in 2014 but noted that due to a wise investment strategy even in these trying times, investment income increased to N661.5 million, representing 28 per cent growth over the N515.2 million achieved in 2014.

    She said: “The profit before tax reduced by 23 per cent from N525.8 million in 2014 to N406.7 million in the current financial year. The company’s profit after tax reduced by 39 per cent in 2015 to N285 million as against N445.7 million which makes the company’s total assets increased by 11 per cent from N14 billion in 2014 to N16 billion in the year under review.”

    On the company’s board changes and issues of corporate governance, the chairman said the National Insurance Commission (NAICOM) recently enforced the Code of Corporate Governance 2009 for the insurance industry in Nigeria as part of its strategic efforts to rebuild and sustain the waning confidence of stakeholders in insurance.

    In this connection, Olusola Olatayo Ladipo-Ajayi having attained retirement age of 60 retired as the Managing Director and was replaced by Segun Balogun, who was appointed  as the Deputy Managing Director last year, she said.

    She noted that Balogun has worked as the chief executive officer in top insurance companies and he is a seasoned insurance practitioner with over 30 years experience and the right business acumen to move the company forward.

    Furthermore, Akin Odusami, Otunba Akin Doherty and Rilwan Oshinusi equally joined the board as non-executive directors and deputy managing director.

    On the firm’s future outlook, she said as an organisation, in the coming year, they will have to focus on repositioning their brand and improving on value proposition for their stakeholders and customers.

    “We have positioned our company to respond to the current dynamics of the business environment by improving on our business models. We have commenced the process of increasing our market share by identifying trends and opportunities, understanding customers’ behaviour while at the same time improving on the quality of services to our customers and business partners. An e-services platform, which will provide real time business interaction while reducing process time and operational cost, will soon be launched.

    “Digital distribution of insurance is the new frontier. As customers become digitally savvy, the insurance sector will need to ramp up its digital presence to accommodate the changing buying pattern of customers. This is a new market the behavior of the millennial and their insurance needs, is being researched by our company.’’

  • LASACO pays N142m claims to dead workers’ families

    LASACO pays N142m claims to dead workers’ families

    LASACO Assurance Plc has paid N142 million to families of dead workers of the Lagos State Government as insurance claims, the Deputy Managing Director, Rilwan Oshinusi has said.

    In a statement in Lagos, he said no fewer than 71 families benefited from the Lagos State Group Life/Group Personal Accident Insurance Scheme insured by LASACO Assurance Plc last month.

    He said the beneficiaries were families of the deceased in all the local government areas in Lagos State and the State Universal Basic Education Board (SUBEB)

    He said: “Lagos State is the first state in the country to come up with life insurance package for its workers and the company was committed to best insurance practices, adding that the benefits of government’s employees would not be compromised.

    “LASACO, which was founded in 1979, strives to deliver exceptional value to its teeming stakeholders by offering first class innovative products and services. In achieving this, the Company seeks to remain proactive and flexible in meeting the constantly changing factors in the business environment,” he added.

  • LASACO appoints Disu as chairman

    LASACO appoints Disu as chairman

    LASACO Assurance Plc has announced the appointment of Mrs.  Aderinola Disu as Chairman of the Board of Directors with effect from April 1, 2016.

    Mrs. Disu takes over from Mr Ashim Oyekan, who resigned from the Board, having served the company for 19 Years.

    Founded in 1979, LASACO Assurance is a market leader in insurance and financial services in Nigeria, providing a plethora of services to its teeming clients.

    Disu brings  significant experience, both from the public and private sectors, through her extensive record and her wider business interests in strategic sectors in Nigeria.

    Mr. Segun Balogun, Managing Director of LASACO Assurance Plc., commenting on the appointment, said: “LASACO Assurance is extremely fortunate to have appointed a Chairman of such caliber and experience. Mrs. Disu’s diverse experience, both in the public and private sectors, will prove invaluable as we are set to fully transform the company.”

    Disu holds a Bachelor of Law Degree from the University of Lagos and she is an alumnus of Lagos Business School. She is also a member of the Chartered Institute of Arbitrators, United Kingdom (UK).

    Her career spans over 20 years in private legal practice and with T.A Braithwaite & Co (insurance brokers), where she rose to the post of Executive Vice-Chairman between 1993-2003.

    After two decades in the legal and the corporate world, she ventured into politics; largely due to her concerns about the infrastructure and community challenges facing business development in her immediate environment. She has played active political roles in Lagos State in the last 15 years, participating in the socio-economic and political development at both the local government and state levels.

    She was the former Executive Secretary and later Chairman of Lagos Island Local Government. She was also a member of the Lagos State Executive Council as the Special Adviser on Central Business Districts under the former governor, Mr.  Babatunde Raji Fashola (SAN) from 2011-2014 .

  • Nigeria British Chamber of Commerce endorses LASACO Assurance

    LASACO Assurance Plc marketing drive received a big boost with the endorsement of the past president of Nigeria-British Chamber of Commerce, Chief (Dr.) Micheal Olawale-Cole.

    Speaking recently at the Nigeria-British Chamber of Commerce bi-monthly members’ evening sponsored by the leading insurance firm held at Southern Sun Ikoyi Hotel, Olawale-Cole said LASACO Assurance has the pedigree to provide the needed cover for any risk that might arise in the course of any commercial activity.

    He stated that business and economical activity is better enhanced with virile risk management, asserting that LASACO Assurance has remained a dominant force and great support to the organised private sector.

    In his presentation at the event, LASACO AGM Marketing (Lagos & South-West), Mr. Akintunde Akinyanju, reiterated the commitment of the company to provide support to economic activities in such a way that challenges does not cut short the aspirations of investors and stakeholders.

  • Lasaco donates ICT equipment to school

    Lasaco donates ICT equipment to school

    Lasaco Assurance Plc has donated modern Information and Communications Technology equipment worth millions of naira to the Federal College of Dental Technology and Therapy, Enugu.

    This was made known in a statement from the firm by its Group Managing Director, Sola Ladipo-Ajayi.

    Ladipo-Ajayi said its definition of insurance goes beyond insuring life, goods, and other assets, adding that supporting education was another form of insurance with good dividend for the society at large.

    He said that education was relevant and its funding should not be left to the government alone.

    Ladipo-Ajayi stated that the ability of any nation to make giant strides was tied to sound and quality education of its citizenry.

    We are motivated to donate ICT equipment because of our belief in what it can do. Our successes as a company in the recent times received great inputs from application of technology to our operations, he said.

  • LASACO chief, others for conference

    The Group Managing Director, Lasaco Assurance Plc, Olusola Ladipo-Ajayi has been slated as a guest speaker at the maiden conference of the Insurance Industry Consultative Council (IICC), which will hold between July 26-28, in Abuja.

    It will feature Frank O’neil, Managing Director, SWISS RE, ME & A; Bismark Rewane, Managing Director, Derivatives Ltd and Demola Aladekomo, Director, Chams Group, as paper presenters.

    Sessions’ chairmen include Mr. O.S. Thomas, the Director-General, Nigerian Insurers Association; Alhaji Mohammed Kari, Deputy Commissioner (Technical), National Insurance Commission; Sir M.O. Oyegunle, Managing Director, Lakeg Nigeria Ltd; Mr. Oye Hassan-Odukunle, Managing Director, Leadway Assurance Co. Ltd and Mr. E. K. Okunoren, Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB).

    Titled: ‘Developing Insurance business for national growth’, the conference will take critical look at various issues affecting insurance business in Nigeria and how it can support national growth.

    Papers will be presented on topics, such as developing insurance business for national growth, regulation and enforcement for insurance growth, information technology as a strategy for market penetration and expansion and growth options for insurance business in Nigeria.

  • LASACO Properties launches biggest board

    LASACO Properties has launched the biggest Billboard in Nigeria and West Africa, the company’s Managing Director, Olumide Jayeiola, has said.

    Speaking during the unveiling of the multi billion naira billboard located at the brink of the Third Mainland Bridge at Iyana Oworo, Lagos, he said the billboard will bring huge investment into the country.

    Jayeiola said the billboard which was brought in from China ranks as number three in the world and described it as an advertiser’s dream.

    He noted that coming from investors’ perspectives, LASACO Properties is a real estate and investment company which is not limited to properties alone.

    According to him, it encompasses any venture, businesses that will bring investment return.

    He, however, noted the risk and challenges encountered in bringing the board into the country.

    He said while the Nigerian Customs posed the major problem,  power was also a challenge.

    He said: “Nigerian Customs was one of the problems we had in bringing it in. If Nigerian investor will go all the way to bring in investment and it is the Nigerian government that is killing the business, then that is not so good for the country.

    “The fees we were to pay were skyrocketed by the Customs and there was the problem of power to make the board function but at the end, we surmounted all the problems”.

    He stressed that the company want to create a niche in the advertising world.

    Managing Director, LASACO Insurance, Olusola Ladipo-Ajayi said the board sits strategically on a peninsula of the Lagoon.

    Ladipo-Ajayi on his part, explained that the board is a joint venture between LASACO Properties and Media Views.

    He said the board is sitting in front of the big board which carries Airtel advert. “The advert was put there 12 years ago but has become small now with the entry of this new mega board. Throughout the period of 12 years, there was no idle time on it.

    “The board has become a landmark used to describe traffic by radio presenters for inland mainland and island on the Third mainland bridge. We assisted them at that time by introducing them to Ibile Holdings which is our majority shareholder,” he added.