LASACO Assurance Plc has reported a strong financial performance for the 2024 financial year, underlining its resilience and commitment to policyholder confidence despite Nigeria’s challenging economic landscape.
At the company’s 25th Annual General Meeting (AGM) held in Lagos, the Chairman, Mrs. Maria Olateju Phillips, announced that LASACO paid a total of N13.19 billion in claims during the year, reflecting its steadfast dedication to honouring obligations and supporting customers in times of need.
‘Our ability to settle N13.19 billion in claims despite prevailing macroeconomic headwinds reflects the strength of our balance sheet, prudent risk management, and unwavering focus on customer satisfaction,’ Phillips said.
The company also recorded a 25 percent rise in insurance revenue, reaching N22.82 billion in 2024, compared to N18.29 billion in 2023. Profit After Tax (PAT) stood at N1.54 billion, representing an 18 per cent increase from the previous year’s N1.31 billion.
Phillips attributed the performance to strategic market expansion, improved customer engagement, and disciplined cost optimization, which collectively boosted operational efficiency and financial stability.
Despite a tough operating environment characterised by high inflation, rising regulatory costs, and foreign exchange volatility, LASACO’s total assets rose by 13 percent to N30.94 billion, up from N27.33 billion in 2023, reinforcing its liquidity position and claims-paying capacity.
In a bid to consolidate its market position and strengthen its capital base, LASACO successfully raised N11.1 billion through a private placement, issuing 9.25 million new shares. Phillips said the capital injection would enhance the company’s competitiveness and compliance with the National Insurance Commission (NAICOM)’s recapitalisation directive.
‘The capital raise marks a significant step towards achieving our long-term growth objectives. It strengthens our capacity to underwrite bigger risks, expand our market reach, and sustain shareholder value,’ she noted.
Looking ahead, the LASACO Chairman outlined an ambitious strategic outlook for 2025 and beyond, anchored on innovation, digital transformation, and sustainability.
She disclosed that the company is investing in advanced software infrastructure and omnichannel customer engagement tools to improve service delivery and deepen its footprint in the retail insurance segment.
‘We are not merely adapting to the future; we are defining it. With a clear vision, a solid financial base, and a strong culture of excellence, LASACO Assurance Plc is poised to set new performance benchmarks in Nigeria’s insurance industry,’ Phillips affirmed.
She further noted that the company’s focus on sustainability will drive product development, risk assessment, and investment strategies, aligning LASACO’s operations with global standards of responsible business practices.
Phillips expressed gratitude to shareholders, employees, clients, and regulators for their continued trust and collaboration, assuring them of the company’s commitment to creating long-term value.
‘As we move forward, our goal remains to deliver superior value, maintain financial soundness, and contribute meaningfully to Nigeria’s economic growth,’ she stated.