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.