LASACO ASSURANCE PLC FINANCIAL STATEMENTS 31 DECEMBER 2021

LASACO ASSURANCE PLC

Contents

Pages

Corporate Information

i-iii

Results at a glance

iv

Report of the Directors

v-viii

Statement of Directors' Responsibilities

ix

Certification By Company Secretary

x

Certification pursuant to section 60(2) of Investment and Securities Act No 29

xi

Report of the Audit and Compliance Committee

xii

Management Discussion and Analysis

xiii-xiv

Corporate Governance Report

xv-xviii

Risk Management Declaration

xix

Independent Auditors' Report

1 - 4

Statement of Significant Accounting Policies-General Information

5

Statement of Significant Accounting Policies

5 - 33

Statement of Financial Position

34

Statement of Profit or Loss and Other Comprehensive income

35

Statement of Changes in Equity

36

Statement of Cash Flows

37

Other notes to the financial statements

38 - 86

Statement of value added

87

Five year financial summary

88

Life revenue account

89

Non-life revenue account

90

LASACO ASSURANCE PLC

i

FINANCIAL STATEMENTS, 31 DECEMBER 2021

Corporate Information

Directors

Mrs. Olateju Phillips

Chairman

Mr. Razzaq Abiodun

Managing Director (Appointed 20/04/2021)

Mr. Segun Balogun

Managing Director/CEO (Resigned 29/05/2021)

Mr. Rilwan Oshinusi

Deputy Managing Director(Corporate Services)

Mr. Ademoye Shobo

Executive Director -Technical (Appointed 20/04/2021)

Engr. Sani Ndanusa

Independent Director

Mr. Akin Odusami

Non-exceutive Director (Resigned 7/02/2022)

Otunba Akin Doherty

Non-exceutive Director

Prince Jamiu Saka

Non-executive Director

Mr. Adeniyi Rasaq Saliu

Non-executive Director (Appointed 29/10/2021)

Company Secretary

Mrs. Gertude Olutekunbi

Plot 16, ACME Road

Ogba Industrial Estate

Ikeja

Lagos State.

Registered Office

LASACO House

Plot 16, ACME Road

Ogba Industrial Estate

Ikeja

Lagos State.

Registration Number

31126

Tax Identification Number

02306657-0001

Corporate Head Office

LASACO House

Plot 16, ACME Road

Ogba Industrial Estate

Ikeja

Lagos State.

Tel: (234) 01 - 2120557

E-mail: info@lasacoassurance.com

Website: www.lasacoassurance.com

Registrars

APEL Capital & Trust Limited

8, Alhaji Bashorun Street

Off Norman Williams Crescent,

South West, Ikoyi

Lagos

Telephone: 01- 873928, 7401444-5

Mobile No: 07046126698

Bankers

Polaris Bank Limited

First Bank of Nigeria Limited

Ecobank Nigeria Limited

Heritage Bank Plc

First City Monument Bank Limited

United Bank for Africa Plc

Guaranty Trust Bank Limited

Sterling Bank Plc

LASACO ASSURANCE PLC

ii

FINANCIAL STATEMENTS, 31 DECEMBER 2021

Corporate Information (Cont'd)

Auditors

BDO Professional Services

(Chartered Accountants)

ADOL House, 15 CIPM Avenue

Central Business District

Alausa, Ikeja, Lagos.

P.O.Box 4929,GPO, Marina Lagos.

www.bdo-ng.com

Actuary

EY Actuaries

10th & 13th Floor, UBA House

57 Marina

Lagos Nigeria

Estate Valuer

Oletubo & Co Estate Surveyors & Valuers

9, Arapasanwu Street, off oluwaloimu

Off Amore Street,

Toyin Street, Ikeja

Fola Oyekan & Associates Estate Surveyors & Valuers

13, Ogunlana Drive ,

Surulere, Lagos

Solicitors

Obioha Jude Idigbe & Co

10 Marina

Onikan Lagos.

Lawrence Osayemi & Co

38/40 Orlando Martins Street

Off Igbosere Road

Lagos.

Abdulkareem & Abdulkareem

7 Gray Street

Behind Yaba Chief Magistrate Court

Yaba Lagos.

Reinsurers

African Reinsurers Corporation

Continental Reinsurance Corporation

SWISS Reinsurance Company

WAICA Reinsurance Pool

Our Vision

To be a market leader in Insurance and Financial Services in Nigeria, creating and

sustaining an exceptional brand and providing long term value to our Stakeholders.

LASACO ASSURANCE PLC

iii

FINANCIAL STATEMENTS, 31 DECEMBER 2021

Corporate Information (Cont'd)

Our Mission

We are committed to be the Insurance and Financial Services Company of choice in

Nigeria, providing Products and Services of Superior Quality, using modern tools

and a well motivated workforce to create long term value for all our Stakeholders.

Core Values

Excellence

Professionalism

Integrity

Customer Focus

Trust

Accountability

Creativity

Teamwork

Quality Policy Statement

LASACO Assurance Plc is committed to delivering Insurance and Financial Services

Of Superior Quality, surpassing customers expectations and ensuring strict

compliance with regulatory/statutory requirements.

We are committed to continually improving the effectiveness of our Quality

Management System.

We establish measurable goals and objectives at Departmental levels which we review as the need arises ensuring timely, effective implementation of Company strategy.

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Lasaco Assurance plc published this content on 23 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2022 09:35:05 UTC.