Lasaco Assurance Reports 24% Q1 Profit Growth to N1.3bn

Lasaco Assurance Plc has recorded a 24% increase in profit before tax to N1.3 billion for the first quarter ended March 31, 2025, driven by strong growth in insurance revenue and improved underwriting performance.

The company’s unaudited financial statements filed with the Nigeria Exchange Limited recently showed that profit before tax rose to N1.62 billion, up from N1.31 billion in the corresponding quarter of 2024.

Lasaco’s insurance revenue surged by 59% to N10.44 billion, compared to N6.57 billion in the same period last year. This increase was attributed to expanded premium income and improved market penetration.

Despite the revenue growth, insurance service expenses increased by 72% to N7.39 billion, up from N4.29 billion in the prior year. However, net expenses from reinsurance contracts declined by 12% to N1.13 billion, reflecting effective risk management strategies.

The insurer’s insurance service results nearly doubled, growing by 93% to N1.92 billion, compared to N995 million in the previous year, highlighting enhanced underwriting profitability.

On the investment front, net investment results dropped by 30% to N1.02 billion, down from N1.46 billion in the first quarter of 2024. The decline was largely due to lower investment income amid a challenging economic environment.

Lasaco Assurance’s total assets increased by 44% to N45.68 billion, while shareholders’ funds doubled to N24.14 billion, indicating a stronger capital base and improved financial position.

The company also reported a 17% rise in operating expenses to N1.39 billion, reflecting increased business activities and expansion efforts.

Other comprehensive income remained flat, with no revaluation surplus or additional gains recorded in the period.