Lasaco Assurance Plc has reported a 44 per cent increase in its profit after tax for the year ending 31st December 2024, rising from N1.3bn in 2023 to N1.89bn in 2024.

The company disclosed this in its recently released unaudited financial results, highlighting growth across financial metrics.

According to the financial report, the group’s total assets stood at N30.47bn, while total liabilities amounted to N18.42bn. The company also recorded an insurance revenue of N22.6bn and a net investment income of N8.77bn.

The company’s shareholders’ fund stood at N12.05bn, providing a financial base for its operations.

In addition, Lasaco Assurance recently initiated a private placement that is expected to raise the shareholders’ fund to over N22bn, a move aimed at enhancing its expansion capacity and market penetration.

Commenting on the company’s financial performance, the Chief Financial Officer of Lasaco Assurance, Akinwale Sofile, attributed the growth to the firm’s strategic initiatives and adaptability to market conditions.

“The 44 per cent growth in profit after tax is a testament to the hard work, dedication, and commitment of our team, as well as our ability to adapt to ever-evolving market conditions,” he said.

Sofile noted that despite external economic challenges, the company had successfully driven significant growth across its core business and investment activities.

“This performance reinforces the foundation we have built over the years and will also position us for even greater success in the future. We remain focused on sustaining this positive momentum, pursuing innovative strategies, and delivering long-term value for our shareholders and customers. We are committed to further strengthening Lasaco Assurance’s financial stability, expanding, and penetrating our market reach,” he added.

The PUNCH reported that 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.