LASACO Assurance Plc said it posted a 10 per cent growth in its underwriting profit which increased to N1.40 billion in 2013 from N1.28 billion recorded 2012 financial year.
The firm equally recorded 12 per cent surge in its gross premium, from N4.4 billion in 2012 to N4.96 billion in the comparable period of 2013 while net earned premium increased by eight per cent from N3.3 billion in 2012 to N3.6 billion in the year under review.
Interestingly, LASACO has rebound from a loss position of N180 million in the previous year to record a net profit of N412 million in the 2013 fiscal year.
Commenting on the result, the Group Managing Director, LASACO Assurance Plc, Mr. Olusola Ladipo-Ajayi, explained that the company was able to perform the feat despite unfavourable operating environment, particularly in the insurance subsector of the economy, through business ingenuity and a pragmatic approach.
According to him, in order to take the performance to another level in the current business year, the company was deploying appropriate business strategies even in the face of the harsh business environment in the country.
“The strategies are directed at our business model as well as marketing approach, with a view to ensuring optimal utilisation of resources for the purpose of good returns on investment,” Ladipo-Ajayi added.