By Ngozi Amuche
Lasaco Assurance Plc has reported 14 per cent decline in investment income to N753.68 million in 2018, compared with N874.67 million realised at the review period of 2017.
Profit before tax at N958.2 million in 2018 witnessed 12 per cent improvement when compared with N854.27million made in the corresponding period of 2017.
Profit after tax stood at N736.27 million, while the total income of the year was N746.14 million as against N661.87 million and N527.29 million respectively in 2017, representing an increase of 64 per cent over the 2017 bottom line.
Gross written premium rose by 35 per cent from N6.67billion in 2017 to N9.01billion as of the end of 2018 financial period.
When the gross written premium was disaggregated, LASACO generated N5.64 billion premium from non-life, while N3.38 billion came from life assurance services.
The firm also said that the Nigerian Stock Exchange had lifted the suspension placed on LASACO Assurance. The capital market regulator recently suspended 11 listed companies, including LASACO, for non-compliance with Rule 3.1, rules for filing of accounts and treatment of default filing, rulebook of the Exchange.
According to the NSE, LASACO Assurance had now filed its audited financial statement for the year ended 31 December 2018 to the Exchange.
Net underwriting income of N5.22billon in 2018 represented 31 per cent increase over N3.99billion earned in corresponding period in 2017.
The underwriting profit was more than doubled as it rose by 64 per cent to N2.06 billion in 2017 as against N1.25 billion realised in 2017. Sixty-seven per cent of the underwriting profit, or N1.39 billion was realised from the non-life services, while 33 per cent or N667.54 million came through life assurance services.
LASACO Assurance said it would propose the payment of a dividend of five kobo per share to shareholders for the year ended December 31, 2018. At the end of December 2018, the company had approximately N10.2 billion invested in fixed income and N967 million in equity instruments, according to the financial statements.
