Lasaco Assurance Plc has kicked off the 2026 financial year with a formidable performance, reinforcing investor confidence and strengthening its ongoing recapitalisation drive. The insurer’s Q1 2026 results for the period ended 31 March 2026, revealed an impressive 81.5 per cent growth in profit after tax, climbing to N2.36bn.
This surge was supported by a 119.6 per cent jump in insurance service results and a 74.7 per cent increase in net insurance and investment income, signalling a period of aggressive growth and operational refinement.
The company’s balance sheet further reflected this upward trajectory, with total assets rising 16.6 per cent to reach N46.20bn, while shareholders’ funds grew to N22.86bn. Notably, Lasaco returned to a positive retained earnings position from a deficit in the previous year, a move industry analysts say underscores significantly improved earnings quality and stronger internal capital generation.
Commenting on the results, the Managing Director of Lasaco Assurance Plc, Ademoye Shobo, said, “These results reflect the company’s continued focus on operational efficiency, customer-centric innovation, and sustainable growth. The recapitalisation initiative aligns with regulatory requirements set by the National Insurance Commission while also serving as a strategic platform for expansion, innovation, and increased market competitiveness.”
On the progress of the rights issue, Shobo said, “By strengthening our capital base, Lasaco Assurance Plc is better positioned to underwrite larger risks, deepen market penetration, and compete more effectively in an evolving insurance landscape. Early indications point to encouraging participation from existing shareholders, reflecting sustained confidence in our strategy, leadership, and growth prospects.
“The combination of strong earnings performance and recapitalisation progress places Lasaco in a favourable position to unlock new growth opportunities, particularly within underserved segments. With shareholders demonstrating continued confidence through active participation in the rights issue, the drive appears firmly on track to enhance financial resilience and long-term stability.”
Riding on the momentum of this Q1 performance, Lasaco is progressing towards the completion of its Rights Issue, a key pillar of its capital-raising journey. The company’s recent product innovations and customer-focused offerings are expected to benefit heavily from the enhanced capital base, driving further growth in the coming quarters.
As the Nigerian insurance industry continues to evolve under new regulatory thresholds, Lasaco Assurance is positioning itself as a better-capitalised player, ready to capture emerging opportunities and deliver sustainable value to its stakeholders through a well-optimised investment strategy and disciplined underwriting.
