Lasaco Assurance Plc, a prominent player in Nigeria’s insurance industry, has released its unaudited financial results for the year ending 31st December 2024, showcasing significant growth across key financial metrics.

The Group’s total assets for the year stood at N30.47 billion, while total liabilities amounted to N18.42 billion. The Group also recorded an impressive net investment result of N8.77 billion, indicating a strong performance in its investment activities. Additionally, Lasaco Assurance’s insurance revenue reached N22.6 billion, reflecting solid progress in its core operations.

For the 2024 financial year, the Group posted a profit before tax (PBT) of N2.17 billion and a profit after tax (PAT) of N1.89 billion. The Group’s shareholders’ fund at year-end was N12.05 billion, demonstrating a strong financial base. With the successful completion of the N10.8 billion private placement, the company is now better positioned for enhanced stability and strategic growth.

The Lasaco Group, comprising Lasaco Assurance Plc, Lasaco Trading & Investment, and Lasaco Properties Limited, demonstrated strong individual growth, collectively making a significant impact on the group’s overall financial performance. Each subsidiary played a strategic role in driving revenue, expanding market reach, and strengthening the group’s diversified portfolio. Their combined contributions reinforced the company’s financial stability and positioned the group for sustained growth in an increasingly competitive market.

The Parent Company’s profit before tax (PBT) increased by 11.3% to N1.87 billion, while profit after tax (PAT) grew by 20.7%, reaching N1.59 billion. Shareholders’ fund for the Parent Company stood at N11.75 billion as of 31st December 2024. However, strategic efforts have been made to enhance shareholders’ funds through private placement, a move that will not only strengthen the company’s financial position but also bolster its credibility and capacity to drive greater business expansion.

Commenting on the results, Managing Director of Lasaco Assurance, Mr. Razaq Abiodun, stated, “We are delighted with the financial performance recorded in 2024. The results are a testament to the hard work and dedication of our team, as well as our ability to adapt to market conditions.

“Despite facing external challenges, we have managed to drive growth in our investments and core business segments. As we operate in 2025, we remain focused on sustaining this positive momentum and creating long-term value for our shareholders and customers.”

Lasaco Assurance continues to uphold its commitment to excellence, focusing on innovation, strategic expansion, and delivering enhanced value to all stakeholders