LASACO Assurance Declares N13.9bn Dividend for 2022

Date:

Share:

LASACO Assurance Declares N13.9bn Dividend for 2022

LASACO Assurance Declares N13.9bn Dividend for 2022

LASACO Assurance Plc has declared N13.9 billion as a dividend for the year 2022 for its shareholders with the aim to diversify in the subsequent years for more profit.

Mrs Olateju Philips, the Chairman of LASACO gave the disclosure on Thursday at the company’s annual general meeting in Lagos.

Olateju said that despite the economic recovery in the country, following the aftermath of COVID-19 and various unrest in the country, the company had successfully maintained its market share in the insurance industry.

According to her, the company achieved a gross premium of N13.91 billion, representing a 4.7 percent increase from N13.28 billion recorded in 2021.

“It is worth noting, however, that our profit before tax skyrocketed from N283 million to N1.5 billion indicating a 445 percent increase.

“Similarly, our profit after tax increased by N466 percent from N261 million in 2021 to N1.5 billion in 2022 as our total assets grew from N23.96 billion to N26.1 billion, representing an 8.9 percent growth rate.

“Moreover, our shareholders’ fund also marginally increased by 15 percent, from N11.31 billion in 2021 to N12.99 billion in 2022,” she said.

Mr Razak Abiodun, the Managing Director of the company in his remarks, said that the 2022 annual general meeting was a celebration of the success and longevity of the organization.

According to Abiodun, the company has been in existence for four decades and sustained a culture of profitability.

Abiodun noted that the company’s good performance was achieved due to the stakeholders’ confidence in the board and management of LASACO.

According to him, the company could not pay dividends in 2022 but decided to plough back its profits in investment to boost its service and embarked on diversification to enhance its performance.

“We are declaring a profit that’s creating a return on investment of over 10 percent which is quite loyal in this current economic situation in the country.

“The dividend that was not shared at the last AGM has paid off. As a result, shareholders will be sharing the current dividend of 13.9 billion with profit after tax of 1.4 percent,” he said.

“We are still going to diversify in properties and other viable sectors for more performance and progress,” the managing director added. #LASACO Assurance Declares N13.9bn Dividend for 2022#

CAC to Strike off 100,000 Companies for Failure to File Annual Returns

Subscribe to our magazine

━ more like this

AFCON 2023 Countdown: Cote d’Ivoire may turn back some Nigerians over travel passports

BY KUNLE SOLAJA. Nigerians holding the ECOWAS Travel Certificates and going for the Africa Cup of Nations next month are certain...

Namibia trainer Benjamin names list of 28 players

Namibia will make its fourth African Cup of Nations appearance Coach Collin Benjamin has called up 28 players The Brave Warriors...

Guinea coach Diawara names 25-man squad for AFCON

Guinea will be making its 13th  African Cup of Nations appearance Coach Kaba Diawara has called up 25 players Syli National...

Mozambique coach Conde announces 23-man squad

Mozambique will make their fifth  African Cup of Nations appearance Coach Chiquinho Condé has called up 23 players The Mambas placed...

Osimhen extends contract with Napoli till 2026

Nigerian international forward Victor Osimhen has signed a contract extension with Napoli until 2026, the Serie A champions announced on Saturday....
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here