LASACO Assurance Plc grows profit by 11% to N736.3 million

Must Read

- Advertisement -

The board of LASACO Assurance Plc has posted the financial status of the company for the year ended December 31, 2018.

During the year, the insurer recorded an improvement from what was achieved in the previous year.

The profit before tax grew by 12 percent to N958.2 million from N854.3 million, while the profit after tax appreciated by 11 percent to N736.3 million from N661.9 million.

In the results released by the company, the gross premium written rose by 35 percent to N9 billion from N6.7 billion, while the net underwriting income jumped by 31 percent to N5.2 billion from N4 billion.

- Advertisement -

However, the investment income went down by 14 percent to N753.7 million from N874.7 million, while the other income dropped by 67 percent to N190.5 million from N576.4 million.

During the year under consideration, the net claims paid by LASACO Assurance reduced by 8 percent to N1.8 billion from N2 billion.

The board said the fees and commission income as at FY 2018 was N605.9 million in contrast to N318.4 million, while the reinsurance expenses increased to N3.4 billion from N3 billion, with the underwriting expenses at N1.5 billion in FY 2018 against N898.4 million in FY 2017 and total underwriting expenses at N3.2 billion in the period under review compared with N2.7 billion in the corresponding year.

Read Also:  LASACO Assurance Appoints New Managing Director

An analysis of the firm’s balance sheet showed that the total assets depleted by 8 percent to N17.1 billion, while the total liabilities reduced to N8.6 billion from N10.4 billion, with the shareholders’ funds increasing by 4 percent to N8.5 billion from N8.2 billion and the earnings per share (EPS) rising to 13 kobo to 12 kobo.

- Advertisement -

Following the performance of the insurer, the board of LASACO Assurance is proposing the payment of a dividend of 5 kobo per share to shareholders for the year ended December 31, 2018.

Read Also:  Airtel Africa Partners MasterCard To Transform Digital Payment Landscape In Africa

At the end of December 2018, the company had approximately N10.2 billion invested in fixed income and N967million in equity instruments, according to the board in the financial statements.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

When was the last time you Updated the 4Ps

When was the last time you “Updated the 4Ps”?

Business Managers, Marketing & Comms experts know the import of the Marketing Mix (MM); Brand Managers know that all the elements of the MM...
- Advertisement -
spot_imgspot_img

Latest News

When was the last time you “Updated the 4Ps”?

Business Managers, Marketing & Comms experts know the import of the Marketing Mix (MM); Brand Managers know that all...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img