Lasaco Assurance in its financial report for the first quarter of 2017 record NGN3.0 billion gross premium written compared to NGN2.7 billion recorded in the financial year 2016.
It said its net premium earned for the period was NGN1.3 billion against NGN585.9 million recorded in the year before.
The insurance company said its underwriting profit fell to NGN246.8 million against NGN358.1 million recorded in 2016.while its investment income increased by 1% to 161.7 million compared to NGN63.4 million recorded in the previous year.
According to report, the company’s profit before tax in the year in review increased to NGN162.9 million in contrast to NGN134.6 million recorded in the year before.
After deducting its tax for the period, its profit for the year increased to NGN122.2 million compared to NGN115.9 million recorded in the year before.
Lasaco Assurance said it acquired NGN18.7 billion assets in the year in review against NGN19.2 billion acquired in 2016. Its total liabilities was NGN10.8 billion in contrast to NGN11.4 billion recorded in the year before.
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