Lasaco Assurance PAT dips by 21% in Q2 2017

The Lasaco’s 2017 second quarter result for the period ended 30th, June, showed remarkable decline in profit and loss (P/L) lines which declined, when compared with result of the preceding period of 2016.

Profit before tax (PBT) declined by 0.26 per cent, to close the quarter at N483, 502 million, against N651, 430m recorded in the same period of 2016.

The result further disclosed that profit before tax (PBT) followed the same trend, as it dropped by 0.21 per cent to N387,456m, while in 2016 Q2, PAT stood at N492,876m.

The company’s recent Q2 2017 financial highlights released by the Nigerian Stock Exchange (NSE) showed that total assets dropped by 0.07 per cent to N17, 970,900 from N19, 298,231 recorded in the preceding period of 2016. Total liabilities also inclined to N9, 712,981b, from N11, 446,289b in Q2 2016.

The result showed that Shareholders’ funds increased by 0.05 per cent to N8,258,319, as at second quarter 2017, from N7,851,942 recorded in 2016 half year.

The company’s financial assets in Q2 2017 depreciated by 0.43 per cent, to N2, 813,575bb, while in Q2 2016. Financial assets of the company stood at N4, 935,914 billion.

According to the company’s Q2 result, gross premium written rose to N4, 751,513b, against N4, 009,917b recorded in the preceding period of the year, reflecting growth in gross premium by 0.19 per cent.

Net premium earned rose by 0.47 per cent, to N2, 062,342b in Q2 2017, while in Q2 2016, it was N1, 401,314b, reflecting 0.47 per cent growth.

Underwritten profit grew by 5, 14 per cent, to close Q2 2017 at N577, 702m, against N139, 479 posted in the preceding period of 2016.

Investment income rose to N305, 772 in Q2 2017, from N159,442 posted in the preceding period of 2016, reflecting growth by 1.34 per cent.Other incomes grew by 0.80 per cent to N305, 772 m, against N1.511b , 810 recorded in the preceding period of 2016.