Lasaco Assurance Plc has projected a rise in its profit to N375.23 million for the first quarter of 2021 (Q1, 2021), indicating a 60% increase from the figure recorded in Q3 2020.
This is according to the firm’s recent earnings forecast sent to the Nigerian Stock Exchange market, as seen by Nairametrics.
Key highlights of the earnings forecast for Q1 2021
- Gross premium is expected to increase to N5.44 billion, +72.1% Q-o-Q.
- Investment income is expected to decline to N112.5 million, -46.13% Q-o-Q.
- Underwriting expenses is expected to decline to N567.4 million, -6.4% Q-o-Q.
- Net claims paid is expected to decline to N652 million,-53.9% Q-o-Q.
- Net premium increased to N4.05 billion, +94.51% Q-o-Q.
- Unearned premium is projected at N2.05 billion.
- Earned premium is projected at N2.0 billion
- Commission received is projected at N200 million.
- Management expenses is projected at N720.4 million.
What you should know
- A cursory look at the earnings forecast released by the firm for Q1 2021 showed that the Head Office will contribute highest to Gross Premium projections with N2.45 billion (45%), followed by FCT/ Northern region with N870.3 million, and the direct business segment with N761.6 million.
- The aforementioned segments make up the top three in terms of projected contributions to Gross Premium.
- Others include South-South Region (N380.8 million), South West (N108.8 million), Special project (N108.8 million) and Agency (N54 million).