LASACO Assurance pays N8.9b claims to policyholders

Adeleye Kunle reports,

LASACO Assurance Plc has paid N8.9 billion claims to its policyholders who suffered insured risks in its 2021 financial year.

This represents over 100 percentage growth when compared to N4.2billion claims paid in its 2020 financial year.

The company’s group life business commanded the highest insurance compensation of N4.3billion translating to about 100 per cent increase from N2.2 billion it paid as claims in this class of insurance in 2020, followed by Fire insurance with N3.5billion paid as claims last year, which far outweighed N300.6 million paid in 2020.

Similarly, N426.2 million claims was paid under engineering insurance class in the year under review even as it paid N99.7million claims in this category in the preceding year.

Under motor insurance, the company paid N137.3 million as claims as against N91.1 million paid in the preceding year while it paid N328 million on General Accident policy last year as against N564.1 million in 2020 financial year.

It paid claims on bond, marine, aviation, oil and gas insurance.

Speaking at the 42nd Annual General Meeting (AGM) of LASACO Assurance Plc in Ikeja, Lagos on Saturday, its Chairperson, Mrs. Teju Phillips, said, they delivered a considerable performance despite the challenging business operating environment.

She said the company achieved a gross premium of N13.3 billion in 2021, representing a 21 per cent increase over the N10.9 billion generated in 2020.

In the same vein, she said: “Our net underwriting income grew by 15 per cent from N8.05 billion to N9.26 billion within the period under review. Our profit before tax declined from N696 million to N281 million, signifying a 59 per cent drop, while profit after tax declined by 62 per cent from N679 million to N261million.

“The total assets of the organisation grew from N20.5billion to N23.9 billion, a 17 per cent increase, while shareholders’ funds increased sharply by 45 per cent from N7.80 billion in 2020 to N11.31billion in 2021.”

She promised that the company will uphold and surpass its performance through implementation of best practice policies, digital upscale process strengthening and customer experience rejuvenation.