Lasaco Policyholders Receive N6.54bn Claims On Insured Risks

Policyholders of Lasaco Assurance Plc has received N6.54 billion as claims on insured risks that occurred in 2023 financial year.

This, the company said, is part of its promise to support and protect clients, disclosing that the claims paid had a decrease of two per cent over the previous year, adding that this unwavering dedication to serving its clients underscores commitment to integrity and trustworthiness.

Saying the 2023 achievements reflect its resilience, innovation, and deep commitment to delivering value to customers, stakeholders, and communities, Lasaco Assurance noted that, it posted a record insurance revenue of N18.29 billion, an impressive 36 per cent growth from N13.47 billion in 2022, even as its robust surge reflects commitment to strategic growth and solidifies its foothold in the insurance industry.

“Our profit before tax also showed marked resilience, rising by six per cent from N1.58 billion in 2022 to N1.68 billion in 2023, despite economic challenges. Lasaco Assurance’s total assets grew to N26.97 billion, a solid five per cent increase from the previous year, while our shareholders’ fund expanded by 11 per cent, reaching N13.66 billion.

“These financial milestones highlight our prudent management approach, sustainable growth trajectory, and strong capital base, reinforcing Lasaco’s stability and readiness for future opportunities,” it added.

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Promising that Lasaco Assurance will continue its community engagement through educational support, sports sponsorships, and developmental programmes, it stated that all these are aimed at making a positive difference in society.

“These initiatives reflect our deep-rooted values and our vision of creating a better future for Nigerians. Looking forward, Lasaco is poised to redefine insurance by embracing cutting-edge digital transformation and strengthening our technological infrastructure. Our strategic investments in capacity-building and process optimisation, along with our collaborations and partnerships, position us to better meet the evolving needs of our clients,” it pointed out.

It also expressed commitment to sustainable growth by adopting eco-friendly practices and actively supporting the socio-economic development of the communities it serves.