The announcement was made by the company's Chairman, Teju Philips, during the 43rd annual general meeting held in Lagos.

Philips also disclosed positive financial growth for the company in 2022. The shareholders' fund increased by 15 percent to N12.99 billion from N11.3 billion in the previous year (2021).

Furthermore, the company's premium income witnessed a 4.7 percent rise, reaching N13.9 billion in 2022 from N13.28 billion in 2021. The net premium income also experienced growth, climbing from N8.2 billion to N9.5 billion in the same period.

Despite a nine percent increase in underwriting expenses from N3.5 billion in 2021 to N3.8 billion in 2022, Lasaco Assurance Plc achieved an impressive 445 percent growth in profit before tax, surging from N283 million to N1.5 billion. Additionally, the company's profit after tax rose by 466 percent, soaring from N261 million in 2021 to N1.5 billion in 2022.

The financials presented also demonstrated the company's prudent risk management practices, as evidenced by the 14 percent reduction in net claim expenses, declining from N4.4 billion in 2021 to N3.7 billion in 2022.

Teju Philips emphasized the company's commitment to maintaining and surpassing its current performance through the implementation of best practice policies, digital transformation, process improvement, strengthening the retail business, modifying the branch network, and enhancing customer experience.

She assured shareholders that Lasaco Assurance Plc aimed to remain at the forefront of the insurance industry by proactively anticipating and fulfilling the evolving needs of its customers.

With total assets growing from N23.96 billion to N26.1 billion, reflecting an 8.9 percent increase, Lasaco Assurance Plc is positioning itself to sustain its growth trajectory and continue providing value to its shareholders and customers.

“To achieve this, we are committed to fostering a culture of innovation, collaboration and excellence, and we continuously strive to identify and leverage new technologies to drive our growth and enhance our capabilities,” she said.

Also speaking at the meeting, the Managing Director of the firm, Razzaq Abiodun, assured shareholders that the 2023 financial year would be better as the impact of the new motor insurance policy rate takes effect, thereby increasing the premium income of operators in the sector.