Lasaco charts path to long-term growth, shareholder value

Lasaco Assurance Plc has structured its operations to support long-term growth and shareholder value despite challenges in the economic environment.

With its recently released unaudited Q3 financials revealing strong growth across core areas, Lasaco Assurance Plc is positioning for better service delivery in Nigeria’s insurance sector.

In Q3 2024, Lasaco Assurance Plc Profit Before Tax saw improvement, affirming its focus on expanding core insurance services and optimizing investment income.

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Insurance revenue generated was N17.07 billion, a 29 percent increase compared to same period in 2023. Net Insurance and Investment results improved by 50 percent from N3.1billion in 2023 to N4.6 billion in 2024, signalling enhanced operational efficiency and profitability.

The company incurred claims of N6 billion as of Q3 2024, an 19 percent increase compared to same period in 2023.

Lasaco Assurance’s total assets have grown to N33.09 billion, marking a solid 23 percent increase from the previous year, while our shareholders’ fund expanded by 11 percent, reaching N15.01 billion. These financial achievements highlight our prudent management approach and reinforce our stability and readiness for future opportunities.

Beyond financial metrics, Q3 2024 was marked by impactful community engagement initiatives. Lasaco Assurance continued its support through educational programs, sports sponsorships, and various developmental initiatives aimed at fostering positive societal change. These efforts reflect our core values and vision for a better future for Nigerians.

Looking ahead, Lasaco Assurance Plc is poised to redefine the insurance landscape by embracing advanced digital transformation and enhancing our technological infrastructure.

“Our strategic investments in capacity building and process optimization, along with collaborative partnerships, position us to meet the evolving needs of our clients effectively. We remain committed to sustainable growth through eco-friendly practices and active support for the socio-economic development of the communities we serve.

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As we progress on this journey, Lasaco Assurance Plc is driven by an unwavering pursuit of excellence. Our focus on adaptability, proactive client engagement, and operational agility ensures we are well-prepared to face future challenges and seize new opportunities. With a clear vision and a dedicated team, we are confident that Lasaco Assurance Plc will continue to lead Nigeria’s insurance is industry, fulfilling our promises and contributing to a brighter, more secure future for all.