Tag: LASACO Assurance Plc

The Board of LASACO Assurance Plc has approved the appointment of Mr Razzaq Abiodun as the new Managing Director of the company, following the retirement of the former Managing Director, Mr Segun Balogun.

This is according to a notice signed by the company’s secretary, Gertrude Olutekunbi, which partly read: ‘’ LASACO Assurance plc (Lasaco) wishes to inform the Nigerian Exchange Limited (NGX), its distinguished shareholders and the general public that at the Board of Directors Meeting of the Company held on Friday, 27th August ZOZL, the Board approved the appointment of Mr. Razzaq Abiodun as the Managing Director following the retirement of Mr. Segun Balogun’’

Until his recent appointment, Mr Abiodun was the Deputy Managing Director (Technical) of the firm.

About Mr Razzaq Abiodun

Mr Razzaq Abiodun has over 30 years’ experience in the insurance industry spanning claims, underwriting and marketing. He began his insurance career with City Union Insurance Company where he rose to the position of Deputy Manager, Claims/Reinsurance. He was also a Senior Manager at Metropolitan Trust Insurance Company (now Consolidated Hallmark). Abiodun also worked at WAPIC Insurance Plc where he was an Assistant General Manager, before his appointment as pioneer Managing Director of WAPIC Insurance (GHANA) Ltd.

He holds a Master’s degree in Business Administration from Lagos State University; and is a Graduate of Law from the Ghana Institute of Management and Professional Studies (GIMPA). Abiodun is an Associate of the Chartered Insurance Institute of United Kingdom and a Fellow of the Chartered Insurance Institute of Ghana.

 

 

The Board of Lasaco Assurance Plc, one of Nigeria’s leading insurance companies, has proposed a final dividend of N183.4 million to shareholders of the company for the period ended 31st December 2020.

The company’s Board made this announcement in a notification published on the website of the Nigerian Exchange Group Limited (NGX), stating that a dividend of 10 kobo per share will be paid on all the issued 1,833,585,855.00 ordinary shares of the company.

According to the notice, the dividends will be disbursed electronically to qualified shareholders on 30th of August, 2021.

Conditions to qualify for the dividend

• Only shareholders whose names appear in the Register of Members at the close of business on the 5th of August 2021 will be considered.
• Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Apel Capital & Trust Limited) to pay their dividends directly into their bank accounts.
• For the purpose of the dividend payment, the Register of Shareholders will be closed from 6th to 13th of August, 2021, to enable the registrar to process shareholders’ dividends.

In a bid to expedite the dividend disbursement, the company also disclosed that it will be holding its 41st Annual General Meeting at Lagos on Thursday 26th of August, 2021 by 11:00am

What you should know

• Lasaco Assurance Plc had earlier reported a profit after tax of N679.4 million in its audited FY 2020 results, indicating a surge of about 115% YoY. The firm grew its Net Premium by about 19%, from N5.9 billion as at FY 2019 to N7.01 billion.
• As at the period of reporting this, Lasaco Assurance share price trades at N1.6 on the floor of the Nigerian Exchange Group Limited (NGX)

 

 

 

 

 

 

 

 

LASACO Assurance Plc released its unaudited financial statements for the period ended 31st of March, 2021.

• Gross premium for the period was N6.7 billion. (+67.4% YoY)
• Net claims of N1.9billion. (+3,489.5% YoY)
• Operating expenses totalled N720.34 million. (-5.8% YoY)
• Profit after tax was N181.4 million. (-31.9% YoY).
• Earnings per share of 0.1 kobo Vs 0.04 kobo YoY.
• Net asset per share of 6.1 kobo Vs 1.1 kobo YoY.
• Total shareholders fund for the period was N11.14 billion.

See link to results.

 

 

 

Lasaco Assurance Plc released its earnings forecast for the third quarter of the year (Q3, 2021).

• Net premium was projected at N2.98 billion.
• Net claims were projected at N906.63 million
• A total underwriting expenses of N732.03 million was projected.
• An underwriting profit of N752.35 million was projected.
• Profit for the period was projected at N299.17 million.
• Tax was projected at N57.14 million.

See link to forecasts.

The Board of Directors of Lasaco Assurance Plc has announced the retirement of its Managing Director/Chief Executive Officer and the appointment of a new one.

This was disclosed in a notification that was signed by the firm’s secretary/legal adviser, Gertrude Olutekunbi and sent to the Nigeria Exchange Group Plc (NGX).

In the statement, the company disclosed that its former Managing Director, Mr. Segun Balogun had retired from the Board effective from May 29, 2021. In a bid to fill the void left by his departure, the Board announced the appointment of Mr. Razzaq Abiodun who will superintend over affairs as the MD/CEO, although in an acting capacity.

Mr. Segun Balogun is a financial industry expert with experience that over three decades of experience. Prior to his appointment as MD of LASACO Assurance Plc, he was the CEO of FBN General Insurance Limited. He was also the former MD/CEO of WAPIC Insurance Plc for 13 years.

Balogun is an alumnus of the prestigious University of Lagos and is a Fellow of the Chartered Insurance Institute of Nigeria. He is an Associate of the Chartered Insurance Institute of the United Kingdom.

In similar vein, his successor- Mr. Razzaq Abiodun has over 30 years’ experience in the insurance industry with technical expertise in claims, reinsurance, underwriting and marketing. He worked for a host of leading insurance companies like the defunct  City Union Insurance, Metropolitian Trust Insurance (now Consolidated Hallmark), WAPIC Insurance Plc, among others. He joined Lasaco Assurance Plc in 2017 as Executive Director Technical and later became Deputy Managing Director Technical.

Abiodun is an alumnus of the Lagos State University and the Ghana Institute of Professional Studies (GIMPA), where he obtained a MBA and LLB respectively.