Lasaco Assurance Plc, in its unaudited financial results for the second quarter ended 30th June 2025, recorded a significant increase in shareholders’ funds, rising by 84 per cent to N22.11billion from N12.02 billion in the corresponding period of 2024.
This, it said, underscored a strengthened capital base and improved investor confidence in the midst of the ongoing recapitalisation in insurance industry.
Similarly, the company’s total assets rose by 39 per cent to N44.09 billion, compared to N31.75 billion as at the end of Q2 2024, even as it generated N16.89 billion in insurance revenue in half year 2025, representing a 47 per cent increase from N11.47 billion recorded in the same period last year.
Insurance service expenses also rose by 67 per cent to N13.08 billion, reflecting the company’s continued commitments to claims settlement and customer obligations.
Despite rising cost in the economy and volatile market conditions, the Group posted a net investment result of N1.85 billion, an impressive 288 per cent increase from the N476.94 million reported in Q2 2024, demonstrating prudent investment strategies and yield optimization.
In line with the company’s long-term strategy, the insurer disclosed that, substantial investments have been made in business digitalisation, consultancy services, and branch restructuring, which have led to higher operational costs in the short term.
These initiatives, according to the company, are critical to positioning the company for future growth and efficiency, adding that, during the period, the Group’s performance was influenced by increased expenditures, rising reinsurance costs, and shifts in service-related expenses, reflecting the deliberate cost implications of executing our transformation agenda.
Commenting on the Q2 2025 performance, its managing director/CEO, Mr. Razzaq Abiodun, remarked: “Despite temporary market challenges, our balance sheet remains strong and resilient. The substantial growth in our assets and shareholders’ funds underscores our long-term value creation efforts. We continue to focus on innovation, customer satisfaction, digital transformation, and operational excellence as we navigate the second half of 2025.”
As Lasaco Assurance continues to expand its footprint across the insurance landscape, it promised to remain committed to its core values of professionalism, integrity, and customer focus, driving excellence and stakeholder value in all its engagements.
