Lasaco Assurance PLc has reported that it booked a net profit of NGN222 million in the third quarter of the year.
The result is coming with a mixed feeling, because the company’s gross premium income declined to NGN956 million compared to NGN1,0 billion booked last year.
Assurance Company Limited obtained license as an insurer on July 7, 1980 and commenced business on August 1, 1980. It became a public limited liability company in 1991 when the Company’s shares were listed on the Nigerian Stock Exchange. The Company secured a life insurance business license from National Insurance Commission (NAICOM) in 2007.
The Company then separated the life business and transferred the related assets and liabilities to its subsidiary, LASACO Life Assurance Company Limited . On January 1, 2009 LASACO Life Assurance Co. Ltd commenced business. The Company operates from its corporate office in Lagos and whilst it maintains branches in major cities of the Federation.
In September 2012, National Insurance Commision granted the Company, Approval in Principle to merge the operations of LASACO Assurance Plc and LASACO Life Assurance Limited. Consequent upon this the Company proceeded with the merging process. The purpose of the merger is to enable the Company operate as a composite Insurance Company as against the group structure in operation before the merger.
The merger process was concluded on December 16,2014 with conclusion of the Court Ordered Meeting and final Court approval. This is in line with Section30(1)(b) of the Insurance Act. All assets and liabilities of LASACO Life Assurance Ltd have been transferred to LASACO Assurance Plc, hence LASACO Life Assurance Co Ltd cease to operate as an Insurance Company and as a subsidiary of LASACO Assurance Plc with effect from December, 17 2014.