Lasaco grows premium income by 21% in 2019, recommends 5kobo dividend for investors

Despite the increasingly difficult operating business environment in Nigeria, Lasaco Assurance Plc has made appreciable progress in all fronts, recording tremendous achievements in it’s 2019 financial year.

Within the period under review the company recorded a Gross Premium Income (GPI) of N9.748billion from N8.024billion in December 2018, representing 21 percent increase, while gross premium written (GPW) also increased from N9.014billion in 2018 to N9.341billion , representing 4 percent increase.

It achieved an underwriting profit growth of N2,298 billion in 2019, compared to the N2.121 billion in 2018, while claims paid was N2.171billion compared to N1.801 billion paid in 2018, this indicating an increase of 21 percent.

The insurer annuity fund increased by 21 percent from N32,873million in 2018 to N262,499 million in 2019..

The meeting is expected to be held in compliance with Covid-19 directives of the federal and state government.

In order to excite its shareholders, the Company at the last meeting of the board of directors reached a decision to reward shareholders despite the harsh operating environment. The board recommended a dividend of five kobo (N0.05k) for its investors for the financial year ended 31st December 2019.

The dividend if approved by members at the 40th Annual General Meeting to be held at Oriental Hotel, 3, Lekki – Epe Express Way, Function Rooms 2r3 and 4, Victoria Island, Lagos on Tuesday, 15th September, will be paid to Shareholders’ accounts in accordance with the directive of the Securities and Exchange Commission on Tuesday, 22nd of September 2020 to the shareholders whose names appear in the Register of Members at the close of business on Monday, 31, August 2020.