Lasaco Assurance Plc unaudited financial results for the second quarter ended 30 June 2025 recorded a significant increase in shareholders’ funds, rising by 84 per cent to N22.11 billion from N12.02 billion in the corresponding period of 2024.
It said this underscored a strengthened capital base and improved investor confidence in the midst of the ongoing recapitalisation in the insurance industry.
Similarly, the company’s total assets rose by 39 per cent to N44.09 billion, compared to N31.75 billion at the end of Q2 2024. It generated N16.89 billion in insurance revenue in the first half of 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 economic costs 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. This demonstrates prudent investment strategies and yield optimisation.
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, leading to higher operational costs in the short term.
According to the company, these initiatives are critical to positioning the company for future growth and efficiency. The company adds 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, Razzaq Abiodun, the company’s managing director/CEO, said: “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 has promised to remain committed to its core values of professionalism, integrity, and customer focus, driving excellence and stakeholder value in all its engagements.
