Lasaco Assurance Reports Strong Financial Growth with 44% Profit Increase

Lasaco Assurance Plc has recorded a 44% rise in its profit after tax for the 2024 financial year, climbing from N1.3 billion in 2023 to N1.89 billion. This impressive growth highlights the company’s strong financial performance and strategic resilience in a dynamic market.

The firm’s unaudited financial results revealed that total assets reached N30.47 billion, while total liabilities stood at N18.42 billion. Insurance revenue for the year amounted to N22.6 billion, with net investment income hitting N8.77 billion. The shareholders’ fund also grew to N12.05 billion, reinforcing the company’s financial stability.

In a move to further strengthen its capital base and enhance market expansion, Lasaco Assurance has launched a private placement initiative expected to raise the shareholders’ fund to over N22 billion.

Speaking on the company’s financial success, Chief Financial Officer Akinwale Sofile credited the remarkable growth to strategic planning and adaptability. “The 44 per cent growth in profit after tax is a testament to the hard work, dedication, and commitment of our team, as well as our ability to adapt to ever-evolving market conditions,” he said.

He also pointed out that despite economic challenges, the company has continued to drive growth in its core business and investment activities. “This performance reinforces the foundation we have built over the years and will also position us for even greater success in the future.

We remain focused on sustaining this positive momentum, pursuing innovative strategies, and delivering long-term value for our shareholders and customers. We are committed to further strengthening Lasaco Assurance’s financial stability, expanding, and penetrating our market reach,” he added.

With a solid financial standing and ambitious expansion strategies, Lasaco Assurance is well-positioned to achieve further growth and strengthen its presence in the insurance industry.