AGM: Lasaco Assurance Shareholders Laud Company ’s Foresight Amid N18.3bn Revenue Growth
Samuel Mobolaji
Shareholders of Lasaco Assurance Plc have praised the company’s strategic foresight and commitment to delivering value, following an impressive 36 per cent increase in insurance revenue, which rose to N18.3 billion in 2023 from N13.5 billion the previous year.
At the company’s Annual General Meeting (AGM) in Ikeja, Lagos, shareholders commended Lasaco’s resilience and growth-oriented approach, urging continued prioritisation of shareholder returns through sustainable investment strategies.
Chairman of Lasaco Assurance Plc, Mrs Teju Phillips, highlighted the company’s strong performance amid economic challenges, noting that total assets increased by five per cent to N26.97 billion, reflecting a steady commitment to stakeholder value.
Despite a 13 per cent decline in profit after tax, which stood at N1.3 billion, Lasaco’s overall profitability was underpinned by a robust 6 per cent rise in profits, moving from N1.6 billion in 2022 to N1.7 billion in 2023.
Phillips attributed this resilience to strategic investments and prudent management practices, expressing confidence in Lasaco’s ongoing growth.
“We remain dedicated to leveraging strategic initiatives to sustain our growth trajectory and uphold our role as a trusted leader in the insurance sector,” she stated.
Also, the Managing Director/CEO of Lasaco Assurance Plc, Mr Razzaq Abiodun, addressed the decision not to declare dividends this year, calling for shareholders’ understanding and promising improved returns in the next financial cycle.
“I implore our shareholders to fast now and break the fast in the next financial year with a bumper return on investment,” he remarked.
Abiodun noted that the company’s recent self-induced recapitalisation, raising N11 billion, has bolstered liquidity, ensuring Lasaco is well-positioned to meet both current and future claims obligations.
With a clear focus on digital transformation, enhanced capital structure, and strengthened risk management, Lasaco aims to continue on its upward trajectory, reinforcing its commitment to building value and stability for stakeholders.
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