LASACO ASSURANCE PLC
UN AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2022
LASACO ASSURANCE PLC
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2022
TABLE OF CONTENTS | Page(s) | |
1 | Corporate information | 1 |
2 | Financial highlights | 2 |
3 | Corporate Governance Report | 3 - 5 |
2 | Statement of Accounting Policies | 6 - 33 |
3 | Statement of Financial Position | 34 |
4 | Statement of Comprehensive Income | 35 |
5 | Statement of Changes in Equity | 36 |
6 | Statement of Cash Flows | 37 |
7 | Notes to Financial Statements | 38-48 |
LASACO ASSURANCE PLC | |
CORPORATE INFORMATION | 1 |
FOR THE PERIOD ENDED 30TH SEPTEMBER, 2022 |
REGISTERED OFFICE/HEAD OFFICE
Plot 16, ACME Road
Ogba Industrial Estate
Ikeja
Lagos State.
Tel: (234) 01 - 2120557
E-mail: info@lasacoassurance.com
Website: www.lasacoassurance.com
Incorporation Certificate: RC 31126 of 20th December, 1979
DIRECTORS AND PROFESSIONAL ADVISERS | |
DIRECTORS: | |
Mrs. Teju Phillips | Chairman |
Mr. Razzaq Abiodun | Managing Director/CEO |
Engr. Sani Ndanusa | Independent Director |
Otunba Akin Doherty | Non - Executive Director |
Adeniyi Saliu | Non - Executive Director |
Mr. Rilwan Oshinusi | Deputy Managing Director(Corporate Services) |
AUDITORS | BDO Professional Services. (Chartered Accountants) |
15, CIPM Avenue | |
Central Business District | |
Alausa , Ikeja | |
Lagos | |
REGISTRARS | Apel Capital & Trust Ltd |
8, Alhaji Bashorun Street, Off Norman Williams Street | |
Ikoyi - Lagos | |
Telephone: 01- 873928, 7401444-5 | |
Contact Person: Oluwafunmilola Babalola | |
Email: obabalola@apel.com.ng | |
BANKERS | Polaris Bank Ltd |
Zenith Bank Plc | |
First Bank of Nigeria Plc | |
Ecobank Nig. Ltd | |
United Bank For Africa Plc | |
Guaranty Trust Bank Plc | |
Sterling Bank Plc | |
ACTUARY | EY Actuaries |
ESTATE VALUER | Oletubo & Co Estate Surveyors & Valuers |
Fola Oyekan & Associates Estate Surveyors & Valuers |
LASACO ASSURANCE PLC | 2 |
FINANCIAL HIGHLIGHTS FOR THE PERIOD ENDED 30TH SEPTEMBER , 2022
30-Sep-22 | 30-Sep-21 | |
N'000 | N'000 | |
Gross premium | 11,643,330 | 11,959,689 |
Underwriting expenses | 2,651,961 | 2,686,809 |
Underwriting profit | 2,402,758 | 1,638,646 |
Profit before tax | 421,648 | 525,381 |
Income tax | (140,479) | (66,405) |
Profit after tax | 281,169 | 458,976 |
Earning per share (N) | 0.15 | 0.06 |
Net asset per share (N) | 6.32 | 1.54 |
LASACO ASSURANCE PLC | 3 |
UN-AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2022 CORPORATE GOVERNANCE REPORT
In accordance with the general requirements of the Code of Best Practices and Principles of Corporate Governance in Nigeria, 2011 ("the code"), we hereby highlight those key principles and practices that form the basis of the high standards of corporate conduct for which LASACO is known for.
At LASACO, we conduct our business activities in accordance with the highest degree of ethical standards of good governance, integrity and in full compliance with the law, while taking into account the interest of stakeholders. We reach out to our employees, business partners, associates and stakeholders at large to secure their commitment and participation in upholding high standards of conduct in the performance of their duties.
The Board of Directors are responsible for setting, reviewing and guiding corporate strategy, major plans of action, risk policy, annual budgets and business plans; setting performance objectives, monitoring implementation and management performance; and overseeing major capital expenditures, acquisitions and investments. In order to fulfill their responsibilities, we ensure that Board members have access to accurate, relevant and timely information and that Board Members devote sufficient time to their responsibilities and duties.
The Matters Reserved For the Board
The Board of Director's major performance enhancing and direction-setting responsibilities include the following matters:
-
Strategy formulation, policy thrust and management policies ii Integrity of financial controls and reports
iii Risk assessment and internal controls iv Board and top executive appointments
v Creating and sustaining appropriate relationships with all stakeholders
vi Selection, performance appraisal and remuneration of Executive Directors vii Succession planning
viii Corporate responsibility through the approval of relevant policies
ix Approves and reviews the matters reserved for the Board and the terms of reference for Board Committees
x Determines the remuneration for Non-Executive Directors
- Sets the procedure for determining the remuneration of the Company's independent auditors
- Nominates members of the Board's committees and determines the scope of delegated authority to Board Committees and the Manangement as well as their respective responsibilities and accountability.
- Develops and enforces a code of conduct for Non-Executive Directors and a binding Statement of Standards of Business Conduct for compliance by all Company employees.
- Ensures compliance with all relevant laws and regulations by the Company and its officers.
Governance Structure
The Company is committed to high standards of corporate governance. Corporate governance practice in the Company is drawn from various applicable codes of corporate governance issued by National Insurance Commission (NAICOM) and Securities and Exchange Commission (SEC). This ensures compliance with regulatory requirement as well as the core value which the Company upholds.
The provision of the codes is geared towards ensuring transparency and accountability of the Board and Management to shareholders of the Company.
The Board of Directors
Presently, The Board is made up of four Non-Executive Directors, one being Independent Director and three Executive Directors for the period ended 30th June, 2022. At LASACO, the position of the Chairman is separated and distinct from that of the Managing Director/Chief Executive Officer. The Chairman is Non-Executive Director.
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Lasaco Assurance plc published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 18:46:02 UTC.