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LASACO Assurance gross premium up 12% in 2013

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IMAGE: Olusola Ladipo-Ajayi, group managing director of LASACO Assurance, »


LASACO Assurance plc has recorded a growth of 12 percent in gross premium income in the financial year ended December 31, 2013. The figure rose from N4.43 billion in 2012 to N4.96 billion at the end of the review year.

It also witnessed a positive performance in net premium earned, which increased from N3.3 billion in 2012 to N3.6 billion in 2013, an 8 percent increase.

It equally recorded a 10 percent growth in underwriting profit, which stood at N1.40 billion as against N1.28 billion in 2012.

Furthermore, the company bounced back from a loss position of N180 million in 2012 to profitability in 2013, with a net profit of N412 million.

Speaking with journalists on facts behind the figures on the company’s performance in 2013 business year in Lagos recently, Olusola Ladipo-Ajayi, group managing director of LASACO Assurance, said the company was able to perform the feat despite unfavourable business operating environment, particularly in the insurance subsector, but for its business ingenuity and pragmatic approach.

In order to take the performance to another level in the current business year, LASACO Assurance has fashioned out and is already deploying appropriate offensive business strategies that are able to navigate and win in the face of harsh business environment, he said.

“The strategies are directed at our business model as well as marketing approach with a view to ensuring optimal utilisation of resources for the purpose of good returns on investment,” he disclosed.

The company, which will be holding its annual general meeting soon in Ilorin, Kwara State, he stated was strategic in plan to strengthen its presence and business position in the state.

“Deliberately, we have taken this year’s annual general meeting (AGM) to Ilorin, Kwara State, which is a fallout of our strategic business expansion drive,” he said.

Article Credit: Businessdayonline

Updated 4 Years ago

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