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Earnings Watch: Lasaco Assurance Net Income Grows 114% in 3Q Results

By on November 23, 2011

Lasaco Assurance Plc released its 3Q, 2011 results on the Nigerian Stock Exchange today.

The company’s management must be pleased with its performance, having increased Net Income by 114% to N 352 Million from N 164 Million over the same period last year.

There was a respectable spike in Growth Premiums Underwritten which grew 35% to N 2.3 Billion from N 1.7 Billion over 3Q, 2010.

Te firm increased its provision for bad debts and its management expenses by 210% to N 1.2 Billion from N 373 Million over the same period last year.

Gross Profit appreciated by 146% to N 469 Million from N 190 Million over Q3, 2010.

The company’s stock is trading at 50 kobo due to general market pessimism prevailing on the insurance sector especially.