Lasaco Assurance Plc in statement signed by the Company Secretary, Gertrude Olutekunbi, dated 6 July said the delay in Filing of its audited 2019 and Q1 2020 financials is because the company is awaiting approval from the National Insurance Commission ( NAICOM ).
The company, notified the Nigerian Stock Exchange and the Investing public that it hope to submit the reports to Exchange on or before 20th July, 2O2O.
The statement read in part, “the Company’s inability to file its Unaudited Financial Statements for the first quarter ended 31st March, 2020 within the stipulated period, is due to the fact that the Company is still awaiting the approval of its 2019 Financial Statements by the National Insurance Commission ( NAICOM ).
“The Company is optimistic that the Audited Financial Statements will be submitted to The Exchange on or before 20th July, 2O2O together with the Unaudited Financial Statements for the quarter ended 31st March,2020.”
According to the un-audited financial statements for the year ended 31 December 2019 the gross premium written rose by 4% to N9.341 billion in 2019 from N9.014 billion in 2019 while profit after tax increased by just 1% to N741.804 million from N736.279 million in 2018. The company’s EPS remained unchanged at 13 kobo.
Lasaco has paid dividend in each of the past 2 financial years. For 2017 and 2018 financial years it paid 4kobo and 5kobo dividends respectively.
The current share prices is N0.24 as it lost 4.00% of its value on Tuesday. The 52 week high and low prices are N0.37 and N0.20 respectively.
Lasaco Assurance Plc is into the business of issuing all classes of insurance.