Lasaco Assurance rakes in N18.3bn in 2023

Lasaco Assurance Plc has announced a N18.3bn revenue in 2023 financial year from N13.5 billion it recorded in the previous year. 

In a statement, it said the growth represents a 36 per cent surge within the period under review.

Similarly, its profit rose by six per cent, from N1.6bn in 2002 to N1.7bn in 2023, even as its shareholders’ funds were N13.7bn in 2023 from N12.3bn in the 2022 financial year.

Speaking at its 2023 annual general meeting (AGM), its chairman, Mrs Teju Phillips, said its profit after tax witnessed a decline of 13 per cent descending from N1.52bn to N1.3bn in 2023.

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He said its performance was amidst economic challenges which underscored its resilience and commitment to delivering value to stakeholders. 

Looking into the future, he 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.

She also 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, Mr. Razzaq Abiodun, while calling for understanding of the shareholders for not being able to declare dividend this year, promised them improvement in the next financial year.

“I will implore out shareholders to fast now and break the fast in the next financial year with a bumper return on investment,” he said.