Lasaco Assurance Plc has announced a robust financial performance for the first quarter ended March 31, 2025, with its profit before tax rising by 24% year-on-year to ₦1.62 billion. The company had posted a profit before tax of ₦1.31 billion in the corresponding quarter of 2024, signalling a strong start to the 2025 financial year and further consolidating its position in Nigeria’s competitive insurance landscape.
The positive momentum was driven by a 59% surge in insurance revenue, which jumped to ₦10.44 billion in Q1 2025 from ₦6.57 billion in Q1 2024. This remarkable increase reflects the company’s improved underwriting performance and effective management of its insurance and investment portfolios. Lasaco’s leadership attributed the results to strategic planning, improved risk assessment, and a renewed focus on innovation and customer satisfaction.
In its Q1 financial statement, Lasaco revealed that its total assets climbed significantly by 44%, reaching ₦45.68 billion as of March 2025, compared to ₦31.75 billion at the same time the previous year. This growth in assets signals a strengthened financial footing for the firm and enhances its capacity to expand service offerings, meet policyholder obligations, and pursue new market opportunities.
The company’s shareholders’ funds also recorded a significant rise, growing by 101% year-on-year to ₦24.14 billion from ₦12.01 billion in 2024. This doubling of shareholders’ equity is a strong indicator of investor confidence and internal profitability, giving Lasaco the flexibility to support growth initiatives and maintain regulatory capital requirements as stipulated by the National Insurance Commission (NAICOM).
While the company recorded gains across most of its operations, its insurance service results saw a particularly notable increase. The figure nearly doubled from ₦995 million in Q1 2024 to ₦1.92 billion in Q1 2025—a 93% increase. This sharp growth was credited to enhanced efficiency in underwriting operations and a better claims management process that helped reduce liabilities and boost margins.
However, not all indicators were positive. Lasaco reported a 30% drop in net investment income, which fell to ₦1.02 billion from ₦1.46 billion in Q1 2024. The decline was attributed to market volatility and changes in the investment yield environment during the period. Despite this drop in investment returns, the company’s total net results from both insurance and investment activities still rose by 20%, amounting to ₦2.94 billion in Q1 2025 compared to ₦2.46 billion in Q1 2024.
The company’s management remains optimistic, stating that the drop in investment income was a short-term fluctuation and that long-term fundamentals remain strong. Lasaco said it is actively adjusting its investment strategies to better respond to evolving market dynamics, including diversifying its portfolio to hedge against future downturns in any one asset class.
Commenting on the overall performance, Managing Director and CEO of Lasaco Assurance, Mr. Segun Balogun, reaffirmed the company’s commitment to delivering long-term value to its stakeholders. He noted that the first-quarter results validate the effectiveness of the company’s strategic priorities, which focus on risk management, product innovation, customer satisfaction, and operational efficiency.
“We are proud of the resilience and agility our team has demonstrated in the first quarter of 2025. Our performance not only reflects disciplined execution of our core strategies but also underlines the trust our customers and investors continue to place in us. As we look ahead, we remain focused on maintaining momentum, improving our offerings, and exploring new opportunities to scale,” Balogun stated.
He also highlighted the company’s digital transformation initiatives, which have improved client onboarding, claims processing, and service delivery. These digital tools, he said, have played a significant role in improving operational efficiency and customer experience, both of which are vital in an industry where responsiveness and reliability are paramount.
Analysts have described Lasaco’s Q1 2025 performance as a reflection of strategic clarity and operational discipline. The company’s ability to post double-digit growth in revenue and profit, despite some external pressures on investment income, indicates strong internal controls and management foresight.
Looking ahead, Lasaco Assurance is expected to build on its strong Q1 showing by deepening its market penetration and introducing more customer-focused insurance products. With Nigeria’s insurance penetration still under 1% of GDP, the market presents substantial room for growth, especially among the underinsured and in sectors like agriculture, health, and microinsurance.
Furthermore, the company’s improved capital base, as shown in the surge in shareholders’ funds, positions it well to weather regulatory changes and meet the expected recapitalization benchmarks set by NAICOM. This financial strength also enables Lasaco to take on larger risks, attract strategic partnerships, and expand its influence within the West African insurance market.
In conclusion, Lasaco Assurance’s first-quarter results offer a promising outlook for the rest of the year. With strategic focus, a strong balance sheet, and growing market confidence, the company appears well-positioned to sustain its growth trajectory and further consolidate its status as a leading player in Nigeria’s insurance industry.
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