Lasaco Assurance Plc projects profit of N299.17 million in Q3 2021.

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.

Lasaco Assurance announces CEO’s retirement, appoints Razzaq Abiodun as replacement.

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.


LASACO Assurance Plc boosts Profit after tax by 147%

LASACO Assurance Plc released its full-year results for the year ended December 2020.

  • Net premium income was N6.28billion. (+6.3% YoY)
  • Underwriting profit declined to N1.73 billion. (-24.8% YoY)
  • Profit before tax increased to N927.34 million. (+166.7% YoY)
  • Earnings per share increased to 11 kobo. (+175% YoY)
  • The Shareholders’ Fund of the Company increased to N8.99 billion (+9.95% YoY)
  • Net asset per share increased to N1.23 (+10.8% YoY)

See link to results.