LASACO ASSURANCE PLC UNVEILS IMPRESSIVE Q1 2024 FINANCIAL RESULTS
LASACO Assurance Plc has released its unaudited financial statements for the period ending 31 March 2024, showcasing robust growth across several key financial indicators compared to Q1 2023. Here's a detailed breakdown of the results:
1. Total Assets:
Q1 2024: ₦29.82 billion
Q1 2023: ₦26.97 billion
Change: ₦2.85 billion (11% increase)
LASACO’s total assets increased by 11%, driven by strategic investments and solid asset management, positioning the company for sustained growth.
2. Total Liabilities:
Q1 2024: ₦15.13 billion
Q1 2023: ₦13.31 billion
Change: ₦1.82 billion (14% increase)
Total liabilities saw a 14% rise, reflecting an increase in obligations, potentially related to expanding operations and increased claims handling.
3. Shareholders' Funds:
Q1 2024: ₦14.69 billion
Q1 2023: ₦13.66 billion
Change: ₦1.03 billion (8% increase)
The growth in shareholders' funds signals strong retained earnings and profitability, providing a positive outlook for future investor returns.
INCOME STATEMENT HIGHLIGHTS
4. Gross Written Premium:
Q1 2024: ₦7.84 billion
Q1 2023: ₦6.52 billion
Change: ₦1.33 billion (20% increase)
The company’s gross written premium surged by 20%, reflecting increased demand for its insurance products.
5. Insurance Revenue:
Q1 2024: ₦6.57 billion
Q1 2023: ₦5.68 billion
Change: ₦890.05 million (16% increase)
Insurance revenue grew by 16%, showing an effective conversion of written premiums into revenue.
6. Insurance Service Expenses:
Q1 2024: ₦4.29 billion
Q1 2023: ₦4.12 billion
Change: ₦172.59 million (4% increase)
Expenses remained relatively stable, with only a slight increase of 4%, reflecting efficient cost management.
7. Net Reinsurance Expenses:
Q1 2024: ₦1.29 billion
Q1 2023: ₦459.85 million
Change: ₦825.27 million (179% increase)
The steep rise in net reinsurance expenses points to increased reliance on reinsurance arrangements to mitigate risk, possibly indicating an increase in claims during the period.
8. Profit Before Tax (PBT):
Q1 2024: ₦1.31 billion
Q1 2023: ₦718.66 million
Change: ₦589.90 million (82% increase)
LASACO’s profit before tax jumped by 82%, a testament to the company’s ability to control costs and drive profitability.
9. Profit After Tax (PAT):
Q1 2024: ₦1.03 billion
Q1 2023: ₦605.98 million
Change: ₦422.18 million (70% increase)
Profit after tax grew by 70%, marking a significant improvement in net earnings and indicating the company’s strong operational efficiency.
10. Earnings per Share (EPS):
Q1 2024: ₦0.56
Q1 2023: ₦0.33
Change: ₦0.23 (70% increase)
The 70% rise in EPS underscores an increase in shareholder value, with more profits being distributed per share.
11. Net Asset per Share (NAPS):
Q1 2024: ₦8.01
Q1 2023: ₦7.45
Change: ₦0.56 (8% increase)
The 8% rise in net asset per share reflects a stronger financial position for the company, indicating a solid balance sheet.
Conclusion: LASACO Assurance Plc’s Q1 2024 financial results showcase the company’s strong growth trajectory, highlighted by increased profitability, asset expansion, and improved shareholder value. The significant rise in gross written premiums and profit before tax further strengthens its position in the Nigerian insurance market. This solid performance bodes well for both the company's stakeholders and future growth prospects.
LASACO Assurance Plc has released its unaudited financial statements for the period ending 31 March 2024, showcasing robust growth across several key financial indicators compared to Q1 2023. Here's a detailed breakdown of the results:
1. Total Assets:
Q1 2024: ₦29.82 billion
Q1 2023: ₦26.97 billion
Change: ₦2.85 billion (11% increase)
LASACO’s total assets increased by 11%, driven by strategic investments and solid asset management, positioning the company for sustained growth.
2. Total Liabilities:
Q1 2024: ₦15.13 billion
Q1 2023: ₦13.31 billion
Change: ₦1.82 billion (14% increase)
Total liabilities saw a 14% rise, reflecting an increase in obligations, potentially related to expanding operations and increased claims handling.
3. Shareholders' Funds:
Q1 2024: ₦14.69 billion
Q1 2023: ₦13.66 billion
Change: ₦1.03 billion (8% increase)
The growth in shareholders' funds signals strong retained earnings and profitability, providing a positive outlook for future investor returns.
INCOME STATEMENT HIGHLIGHTS
4. Gross Written Premium:
Q1 2024: ₦7.84 billion
Q1 2023: ₦6.52 billion
Change: ₦1.33 billion (20% increase)
The company’s gross written premium surged by 20%, reflecting increased demand for its insurance products.
5. Insurance Revenue:
Q1 2024: ₦6.57 billion
Q1 2023: ₦5.68 billion
Change: ₦890.05 million (16% increase)
Insurance revenue grew by 16%, showing an effective conversion of written premiums into revenue.
6. Insurance Service Expenses:
Q1 2024: ₦4.29 billion
Q1 2023: ₦4.12 billion
Change: ₦172.59 million (4% increase)
Expenses remained relatively stable, with only a slight increase of 4%, reflecting efficient cost management.
7. Net Reinsurance Expenses:
Q1 2024: ₦1.29 billion
Q1 2023: ₦459.85 million
Change: ₦825.27 million (179% increase)
The steep rise in net reinsurance expenses points to increased reliance on reinsurance arrangements to mitigate risk, possibly indicating an increase in claims during the period.
8. Profit Before Tax (PBT):
Q1 2024: ₦1.31 billion
Q1 2023: ₦718.66 million
Change: ₦589.90 million (82% increase)
LASACO’s profit before tax jumped by 82%, a testament to the company’s ability to control costs and drive profitability.
9. Profit After Tax (PAT):
Q1 2024: ₦1.03 billion
Q1 2023: ₦605.98 million
Change: ₦422.18 million (70% increase)
Profit after tax grew by 70%, marking a significant improvement in net earnings and indicating the company’s strong operational efficiency.
10. Earnings per Share (EPS):
Q1 2024: ₦0.56
Q1 2023: ₦0.33
Change: ₦0.23 (70% increase)
The 70% rise in EPS underscores an increase in shareholder value, with more profits being distributed per share.
11. Net Asset per Share (NAPS):
Q1 2024: ₦8.01
Q1 2023: ₦7.45
Change: ₦0.56 (8% increase)
The 8% rise in net asset per share reflects a stronger financial position for the company, indicating a solid balance sheet.
Conclusion: LASACO Assurance Plc’s Q1 2024 financial results showcase the company’s strong growth trajectory, highlighted by increased profitability, asset expansion, and improved shareholder value. The significant rise in gross written premiums and profit before tax further strengthens its position in the Nigerian insurance market. This solid performance bodes well for both the company's stakeholders and future growth prospects.