LASACO ASSURANCE PLC FINANCIAL STATEMENTS 31 DECEMBER 2022

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

i

FINANCIAL STATEMENTS, 31 DECEMBER 2022 Corporate Information

Directors

Mrs. Olateju Phillips Mr. Razzaq Abiodun Mr. Rilwan Oshinusi Mr. Ademoye Shobo Engr. Sani Ndanusa Mr. Akin Odusami Otunba Akin Doherty Prince Jamiu Adio Saka Mr. Adeniyi Rasaq SaliuChairman

Managing Director/CEO

Deputy Managing Director(Corporate Services) Executive Director -Technical

Independent Director

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

Non-executive Director

Non-executive Director (Appointed on 7/11/ 2022)

Company SecretaryRegistered OfficeRegistration Number

Tax Identification Number

Corporate Head Office

Mrs. Gertude Olutekunbi Plot 16, ACME Road Ogba Industrial Estate Ikeja

Lagos State.

LASACO House

Plot 16, ACME Road Ogba Industrial Estate Ikeja

Lagos State.

31126 02306657-0001

LASACO House

Plot 16, ACME Road Ogba Industrial Estate Ikeja

Lagos State.

Tel: (234) 01 - 2120557

E-mail:info@lasacoassurance.comWebsite: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

ii

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.

iii

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 30 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2023 21:15:14 UTC.