Lasaco Assurance grows PAT by 44% in FY

Lasaco Assurance Plc. has recorded a 44 percent growth in profit after tax (PAT) in its full year 2024 financial result. PAT increased from N1.3 billion in 2023 to N1.89 billion at the end of the review year.

This performance highlights the company’s robust growth trajectory and solid financial health, making it a compelling choice for investors.

The group’s total assets reached N30.47 billion, while total liabilities amounted to N18.42 billion.

With insurance revenue reaching N22.6 billion and and net investment result of N8.77 billion, Lasaco Assurance is positioned for sustained growth in 2025 and beyond, the Company said in a statement on Wednesday.

The company’s shareholders’ fund of N12.05 billion provides a robust foundation for operations, with the recent private placement set to nearly double this figure to over N22 billion, significantly enhancing the company’s expansion capabilities.

Read also: Market reach, driversified portfolio drive Lasaco Assurance revenue growth

Reflecting on the performance in 2024, Akinwale Sofile, chief financial officer of Lasaco Assurance, , said, “The 44% growth in profit after tax is a testament to the hard work, dedication, and commitment of our team, as well as our ability to adapt to changing market conditions.

“Despite external challenges, we have been able to drive significant growth across our core business and investment activities.”

“This strong performance reinforces the foundation we have built over the years and will also position us for even greater success in the future.”

He said management remains focused on sustaining this positive momentum, pursuing innovative strategies, and delivering long-term value for its shareholders and customers.

“We are committed to further strengthening Lasaco Assurance’s financial stability, expanding, and penetrating our market reach.”