LASACO Assurance Plc Records N297.56 Million Profit In Q1 22

A 24.26% drop in gross premium for the first quarter ended March 31, 2022, has been reported by LASACO Assurance Plc

The company’s gross premium stood at N5.073 billion during the period under review from N6.698 billion posted in 2021.

Underwritten expenses grew marginally by 0.8 percent to N1.245 billion from N1.235 billion in 2021, according to the company's report released to Nigerian Exchange Limited ( NGX).

However, in 2022, profit grew to N297.574 million after tax which indicates a 64 percent increase from N181.387 million in 2021, the growth in profit was largely driven by reduction in income tax which dropped by 50.05 per cent to N31.242 million in 2022 from N62.559 million in 2021.

Lasaco Assurance Plc made it known to NGX recently that its shareholders and the investing public that the Company was unable to file the 2022 Q1 Unaudited Financial Statements (UFS) by the due date of 30th April 2022.

“This was due to the fact that the Company is still awaiting the approval of its 2021 Audited Financial Statements (AFS) from its primary regulator, the National Insurance Commission (NAICOM), which must be filed before filing the 2022 Q1 Unaudited Financial Statements (UFS) in line with the rules of NGX on Financial Reporting and Periodic Disclosure for listed companies,” the insurance firm said.