The chairman of LASACO Assurance Plc, Teju Philips, has said that the goal of the fastest growing Insurance company in Nigeria is to remain at the forefront of the insurance industry by proactively participating and meeting the evolving needs of its customers.
The company grossed a premium written of N13.91 billion, which is a 4.7% increase from the previous year’s N13.28 billion, while its net underwriting income grew by 9%, from N10.6 billion to N6.3 billion in the year 2022.
Speaking during the company’s 43rd annual general meeting held at Mariot Hotel, Ikeja, Lagos on Thursday, she stated that LASACO recognized the ever changing business landscape and as such, remains adaptable and agile in responding to new developments and emerging trends.
She said that to maintain its dominance at the forefront of the insurance industry, LASACO is committed to fostering a culture of innovation, collaboration, excellence and continuously strive to identify and leverage new technologies and tools to drive the company’s growth and enhance its capabilities.
“With a focus on sustainability, we are also taking steps to reduce our environmental footprint while contributing to the development of the communities in which we operate. Overall, we are confident that our strategic approach and relentless pursuit of excellence will position us for sustained success and growth in the year to come,” he averred.
Speaking further she said the company has successfully maintained its market share in the industry despite the growing unrest in the country.
According to her,” In 2022, many countries, including Nigeria, experienced heightened political tension and deteriorating socioeconomic situations, as the country fell short of expectations.”
Her words, “The global economy is currently experiencing a significant and widespread slowdown, with inflation at levels not seen in many years. This is due to factors such as the cost of living crisis, tightening financial conditions, Russian’s invasion of Ukraine and the ongoing COVID-19 pandemic.”
“The projected global growth rate is expected to decline from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023, which is the weakest growth outlook since 2001, excluding the global financial crisis and the acute phase of the COVID-19 pandemic.
“According to United Nations, the Nigerian economy is expected to grow by 3% in 2023. The predominant theme in Nigeria will undoubtedly be the general elections and the pressing issue of how the incoming president intends to manage the unprecedented national debt of N44.06 trillion.
“Despite the economic recovery in Nigeria following the aftermath of COVID-19 and various unrest in the country, our company has successfully maintained its market share in the insurance industry. We achieved a gross premium written of N13.91 billion, which is a 4.7% increase from the previous year’s N13.28 billion. Additionally, our net underwriting income grew by 9%, from N10.6 billion to N6.3 billion.
“It is worth noting, however, that our profit before tax skyrocketed from N283 million to N1.5 billion, indicating a 445% increase. Similarly, our profit after tax increased by 446%, from N261 million in 2021 to N1.5 billion in 2022. Our total assets grew from N23.96 billion to N26.1 billion, representing a 8.9% growth rate. Moreover, our shareholders’ fund also marginally increased by 15%, from N11.31 billion in 2021 to N12.99 billion in 2022,” she averred.
The LASACO chairman stated further that the insurance company is committed to upholding its legacy by continuing to deliver value and excellence in all our operations.
