Lasaco Assurance Records N13.91 Billion Gross Premium Income

Lasaco Assurance Plc has recorded a gross premium income of N13.91 billion in 2022, from N10.96 billion in 2020.

In 2020, the company paid out a total of N4.29 billion in claims, which increased to N8.99 billion in 2021 before experiencing a slight decline to N6.97 billion in 2022

This is according to a statement from the company.

“This positive development is reflected in the company’s gross premium income, which surged from N10.96 billion in 2020 to N13.91 billion in 2022, signifying an increased ability to attract a larger customer base and generate more revenue."

The Managing Director, Lasaco Assurance Plc, Razzaq Abiodun, placed significant emphasis on claims payment, a crucial aspect of its business operations, saying the company had consistently maintained a high rate of net claims paid.

Lasaco Assurance said it had continued to maintain a positive underwriting profit, achieving N2.3 billion in 2020, declining to N1.71 billion in 2021, before rebounding to N3.1billion in 2022.