Lasaco Assurance Plc has achieved a major milestone in Nigeria’s insurance industry after successfully raising N19.3 billion and meeting the recapitalisation requirements of the National Insurance Commission (NAICOM).
The company has been approved among the recapitalised insurance firms authorised to continue operations in the country, following the successful completion of its landmark capital-raising exercise.
The amount raised exceeded Lasaco’s initial target of N18.47 billion by about 4.5 per cent, making it the largest capital raise by an insurance company in Nigeria to meet the new regulatory threshold.
The achievement represents a significant step in the company’s growth strategy and aligns with the objectives of the National Insurance Industry Roadmap to 2025 (NIIRA 2025), which seeks to strengthen the capacity, competitiveness and sustainability of the Nigerian insurance sector.
Lasaco said the successful fundraising reflects strong confidence from shareholders, institutional investors and the wider market in the company’s leadership, corporate governance framework and long-term business strategy.
The company’s ability to surpass its target despite challenging economic conditions, it noted, demonstrates its market strength and investors’ confidence in its capacity to create sustainable value.
The new capital base is expected to support Lasaco’s expansion plans, strengthen its financial position and enhance its ability to compete effectively in the evolving insurance market. The funds will be deployed towards improving operational capacity, accelerating digital transformation and expanding its range of insurance solutions.
The strengthened capital position will also enable the company to build a stronger solvency buffer, invest in technology-driven innovations and improve key processes, including underwriting and claims management, to deliver better customer experiences.
Beyond regulatory compliance, Lasaco said the recapitalisation provides a platform for pursuing new growth opportunities, reaching underserved markets and developing products tailored to the changing needs of individuals and businesses.
The company added that the milestone reinforces its commitment to policyholders by improving product reliability, service delivery and risk management solutions.
With the successful completion of the capital raise, Lasaco Assurance is positioned for the next phase of growth as it seeks to deepen its market presence, support financial inclusion and contribute to the continued development of Nigeria’s insurance industry.
The company said the achievement reflects its commitment to creating long-term value for customers, partners, employees and shareholders while setting a new benchmark for excellence in the sector.