Lasaco Assurance Plc has recorded a 24 per cent increase in profit before tax to N1.3bn for the first quarter ended 31 March 2025, driven by strong growth in insurance revenue and improved underwriting performance.

The company’s unaudited financial statements filed with the Nigeria Exchange Limited recently showed that profit before tax rose to N1.62bn in the period under review, up from N1.31bn posted in the corresponding quarter of 2024.

Lasaco’s insurance revenue surged by 59 per cent to N10.44bn, compared to N6.57bn in the same period last year.

This significant increase was attributed to expanded premium income and improved market penetration.

Despite the revenue growth, insurance service expenses increased by 72 per cent to N7.39bn from N4.29bn in the prior year.

However, net expenses from reinsurance contracts declined by 12 per cent to N1.13bn, reflecting effective risk management strategies.

The insurer’s insurance service results nearly doubled, growing by 93 per cent to N1.92bn from N995m, underscoring enhanced underwriting profitability.

On the investment front, net investment results dropped by 30 per cent to N1.02bn from N1.46bn in the first quarter of 2024. The decline was largely due to lower investment income amid a challenging economic environment.

Lasaco Assurance’s total assets increased by 44 per cent to N45.68bn, while shareholders’ funds doubled to N24.14bn, indicating a stronger capital base and improved financial position.

The company also reported a rise in operating expenses by 17 per cent to N1.39bn, reflecting increased business activities and expansion efforts.

Other comprehensive income remained flat, with no revaluation surplus or other gains recorded in the period.

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