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:

  1. 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

  1. Sets the procedure for determining the remuneration of the Company's independent auditors
  1. 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.
  1. 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.
  2. 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.

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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.