Lasaco Assurance Plc’s gross premium income rose from N10.96bn in 2020 to N13.91bn in 2022.
A statement said the company had continued to demonstrate a trend of steady growth over the past three years.
It said, “This positive development is reflected in the company’s gross premium income, which surged from N10.96bn in 2020 to N13.91bn in 2022, signifying an increased ability to attract a larger customer base and generate more revenue,” it stated.
The Managing Director, Lasaco Assurance Plc, Razzaq Abiodun, placed significant emphasis on claims payment, a crucial aspect of its business operations.
In this regard, it said, the company had consistently maintained a high rate of net claims paid, a testament to its commitment to its clients.
In 2020, the company paid out a total of N4.29bn in claims, which increased to N8.99bn in 2021 before experiencing a slight decline to N6.97bn in 2022, the statement said.
Lasaco Assurance said it had continued to maintain a positive underwriting profit, achieving N2.3bn in 2020, declining to N1.71bn in 2021, before rebounding to N3.1bn in 2022.
The trajectory attested to the company’s ability to navigate a challenging business environment while achieving notable growth in its bottom line, it said.
The statement said in recent times, in addition to the substantial payments made in the aftermath of the #Endsars tragedy, the company had demonstrated its commitment to upholding its corporate policy by fostering trust and maintaining relationships with its clients.
This was accomplished by presenting letters ranging from N629,763 to N6.59m to the families of each deceased staff member of the Lagos State Universal Basic Education Board and Local Government and Community Affairs.
During the presentation of these letters, the managing director said the company had compensated approximately 1,356 deceased staff of these two organisations, totaling N3bn, between 2017 to date.
This was as the policy had been in existence since 1999 under the administration of the former Lagos State Govenor, who is now President-elect, Bola Tinubu, and a substantial amount had been paid since then.
It added that Lasaco Assurance’s outstanding performance had been recognised by a global credit rating agency GCR, which awarded the company an A rating.
Abiodun said that the GCR rating was a proof that Lasaco as a brand aimed to provide long-term values to stakeholders.
He said, “We are pleased to have a better rating in 2022 as opposed to the A- rating in 2021. We remain committed to being the insurance company of choice in Nigeria, providing products and services of superior quality.”