Lasaco Assurance records N736m PAT in 2018, proposes N0.05 dividend

Motolani Oseni

Lasaco Assurance Plc has recorded a profit after tax of N736 million in its annual report and financial statements for the year ended December 31, 2018.

The company’s profit after tax increased by 11 per cent to N736 million in 2018, from N661 million posted in the full year of 2017 as earnings per share (EPS) rose marginally from 12 kobo to 13 kobo in response to increase in profit in the year under review.

Profit before tax recorded a moderate increase from N854 million in 2017 to N958 million in the under review, representing a rise of 12 per cent.

The company’s gross premiums written also increased significantly by 35 per cent from N6.67 billion in 2017 to N9.01 billion in 2018.

Investment Income dipped by 14 per cent from N874 million reported in the corresponding period of the previous year to N753 million in 2018.

Similarly, other income plunged significantly by 67 per cent from N576 million in 2017 to N190 million during the period under review. Shareholders’ fund also increased marginally from N8.15 billion in 2017 to N8.48 billion in 2018, signalling a 4 per cent increase.

However, Lasaco Assurance has proposed to pay its shareholders a dividend of 5 kobo per share for full-year 2018 which indicates a marginal improvement over the 4 kobo per share the company paid its shareholders for the corresponding period in 2017.

The payment is subject to shareholders’ approval in the company’s Annual General Meeting (AGM) to be announced later.

Recently, The Lagos State Government, in conjunction with Lasaco Assurance Plc said that they are set to pay families of 197 deceased staff of Local Government and the State Universal Basic Education Board (SUBEB), insurance benefits.