The assets of Lasaco Assurance have risen to N30.47bn, while total liabilities amounted to N18.42bn at the close of the 2024 financial year.

This was indicated in its unaudited financial results for the year ending December 31, 2024, filed with Nigerian Exchange Limited.

The group also recorded a net investment result of N8.77bn, indicating a strong performance in its investment activities. Additionally, Lasaco Assurance’s insurance revenue reached N22.6bn, reflecting progress in its core operations.

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

In a statement on Sunday, Lasaco Group said its subsidiaries 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,” part of the statement read.

Commenting on the results, Managing Director of Lasaco Assurance, Mr. Razaq Abiodun, said, “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.”