The National Insurance Commission has approved the 2014 reports of LASACO Assurance Plc.

The firm’s Group Managing Director, Olusola Ladipo-Ajayi, made this known in a statement.

He said the company recorded a gross premium income of N5.6 billion, as against N4.9 billion in 2013.

It said: “The company grossed a profit before tax of N525million, as against N412million made in 2013. Its profit after tax rose to N445million against N275million recorded in 2013.

The Company grew its earning per share from N00.4 in 2013 to N00.6 in the year under review.

“The company settled N1.8billion in claims and insurance benefits in 2014 and its Operating expenses for the year 2014, amounted to N1.54billion representing a decrease of N211million compared to prior year of N1.75billion”.

Ladipo-Ajayi explained that the company’s performance in the 2014 financial year was a reflection of team work and strategic deployment of resources, points out that the recent restructuring by the Company is paying up.

He added that NAICOM lived up to its commitment of giving speedy approval for accounts that are well-presented in compliance with International Financial Reporting Standard (IFRS).