Lasaco Assurance Plc has recorded low performance at the end of 2015 financial year as its profit after tax trend downwards to N283.324 million. This represents a drop of 36 per cent from N445.745 million reported in the preceding year.
The company audited report submitted to Nigerian Stock Exchange showed that profit before tax declined from N525.856 million in the previous year to N404.113 million, indicating a drop of 23 per cent. The underwriting profit also went down by 13 per cent to N1.039 billion from N1.195 billion achieved in the comparable period of 2014.
An analysis of the company result within the period under review indicated that gross premium written decreased by nine per cent from N5.633 billion in 2014 to N5.102 billion while gross claims paid fell by 39 per cent to N1.122 billion from N1.833 billion achieved the previous year.
The total assets of the company jumped by 13 per cent to N16.133 billion from N14.240 billion in 2014. The net premium earned saw an increase of five per cent to N2.464 billion from N2.346 billion while investment income grew by 28 per cent to N616.528 million from N515.183 million. As the shareholders funds rose by three per cent to N6.578 billion from N6.418 billion reported in 2014, the company recorded negative operating expenses of N1.509 billion in 2015 against negative N1.548 in the corresponding period.
Meanwhile, Lasaco Assurance recently received the supports of the Nigeria-British Chamber of Commerce in its approach to risk management aimed at winning investor confidence.
A statement from the firm said the firm’s marketing drive was specially applauded by a former President of the NBCC, Dr. Micheal Olawale-Cole.
Speaking at a bi-monthly members’ evening of the NBCC, which was sponsored by the insurance firm, Cole said Lasaco had the pedigree to provide the needed cover for any risk that might arise in the course of any commercial activity.
