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1. Head Office:
Ivory Music House,
13, Asabi
Cole Street,
Central Business District, Alausa, Ikeja,
P. O. Box
3724, Lagos.
Tel: 234-01-3450893-4, 4711848-50;
Fax: 234-01-3450891.
E-mail: info@lasacoassurance.com
2. Nature of Business:
All Classes of Insurance Business.
3. Date of Incorporation:
20th December, 1979
4. Date Listed on The Exchange:
14th June, 1991
5. NSE Classification:
Insurance
6. Board of Directors:
Chief Edward Akin Leigh, (Chairman)
Mr. Olusola Olatayo Ladipo-Ajayi, (MD/CEO)
Dr. Adebayo Adewusi
Mrs. Aduke Modupeolu Thorpe
Dr. (Mrs.) Olutoyin Adebola Phillips
Engr. Ashim Adebowale Oyekan
Mr. Babajide Wright
Chief Dr. Michael Olusegun Abraham
7. Company Secretary:
Mr. ‘Lanre Popoola
8. Auditors:
Abayomi-Dosunmu & Co.
(Chartered Accountants)
3rd Floor, Alex Creppy House,
30, King
George V. Road,
Onikan, Lagos.
P. O. Box
8853, Lagos.
Tel: 234-01-2643005, 2601858
Fax: 234-01-2643005
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9. Company Registrars:
LASACO Assurance Registrars,
Ivory Music House
13, Ashabi
Cole Street,
Central Business District,
Alausa, Ikeja.
P. O. Box
3724, Lagos.
Tel: 234-01-4711848-50, 49778028-29, 3450893-4
10. Subsidiaries/Associates:
LASACO Properties Limited
LASACO Life Assurance Co. Limited
11. End of Accounting Year
31st December
12. Number of Empolyee
132
13.Capital Structure
i. Authorised: N5,000,000.00
ii. Paid-Up N
3,601,717,000.00
14. Analysis of Shareholding
Ibile Holdings Ltd - 12.7%
Canon Properties Ltd.
- 9.9%
IHL Venture Limited -
17%
LASBULK Nigeria Limited
- 8.5%
Nigerian Citizens & Associations - 51.8%
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FIVE-YEAR FINANCIAL SUMMARY
2007 2006 2005 2004 2003
N‘000 N‘000 N‘000 N‘000 N‘000
INCOME AND PROFIT
Gross premiums 1,838,343 1,600,543 957,844 691,548 561,743
====== ====== ====== ====== ======
Premiums earned 1,005,485 828,274 615,978 559,797 481,185
Investment and other income 841,731 31,309 12,618 28,921 14,219
---------- ---------- ---------- ---------- ----------
1,847,216 859,583 628,596 588,718 495,404
====== ====== ====== ====== ======
Profit before tax 861,012 225,311 177,310 131,345 123,558
Taxation (182,898) (53,780) (35,921) (33,793) (15,000)
---------- ---------- ---------- ---------- ----------
Profit after tax 678,114 171,531 141,389 97,552 108,558
Statutory contingency reserve (42,111) (40,513) (28,626) (24,714) (14,376)
Proposed dividend - - - - (35,957)
---------- ---------- ---------- ---------- ----------
Transfer to general reserve 636,003 130,838 112,763 72,838 58,225
====== ====== ====== ====== ======
Earning per share
- Actual (kobo) 9 13 14 14 22
- Adjusted 9 13 14 10 11
Dividend cover
- Actual - - - - 5
- Adjusted - - - - 4
====== ====== ====== ====== ======
BALANCE SHEET
ASSETS
Cash 90,634 140,350 51,360 22,109 36,608
Debtors 1,823,799 1,288,400 1,136,640 875,697 722,419
Recapitalisation - 367,304 - - -
Investments 4,372,335 116,957 168,002 214,065 64,930
Statutory deposit 500,000 35,000 35,000 35,000 13,500
Fixed assets 608,472 615,040 618,418 640,533 337,523
---------- ---------- ---------- ---------- ----------
7,395,240 2,563,051 2,009,420 1,787,404 1,174,980
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LIABILITIES
Due to bank 301,798 265,239 - - -
Creditors 50,894 47,813 51,725 46,629 57,339
Insurance fund 634,644 471,813 390,025 371,037 339,106
Deposit administration 57,000 157,803 165,352 138,129 102,615
Taxation 248,698 89,657 45,981 28,321 22,300
Dividend - - - - 35,957
Deferred tax 16,107 15,852 16,033 7,772 -
---------- ---------- ---------- ---------- ----------
1,309,141 1,047,603 669,116 591,888 557,317
---------- ---------- ---------- ---------- ----------
Net Assets 6,086,100 1,515,448 1,340,304 1,195,516 617,663
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CAPITAL AND RESERVES
Share capital 3,601,717 604,910 500,000 360,065 210,000
Bonus issue reserve - - 4,091 - -
Share premium 920,612 34,941 34,941 34,941 -
Revaluation reserve 435,052 435,052 435,052 435,052 142,264
Statutory contingency reserve 264,907 212,735 168,709 136,683 109,462
General reserve 863,812 227,810 197,511 228,775 155,937
---------- ---------- ---------- ---------- ----------
Shareholders’ fund 6,086,100 1,515,448 1,340,304 1,195,516 617,663
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NOTE:
The adjusted earnings and
dividends per share are calculated on 7,323,313,227 ordinary shares of 50
kobo in issue at 31 December 2007. Earnings per share are based on the
profit after taxation.
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