Lasaco Assurance Plc has reported an 84 per cent appreciation in its shareholders’ fund to N22.11bn from N12.02bn in the corresponding period of 2024, reflecting a strengthened capital base.
In a statement on Monday, which accompanied its unaudited financial results for the second quarter ended June 30, 2025, the firm said that its financial performance in Q2 indicated growth and resilience across its core business and investment portfolios.
In Q2, the company’s total assets rose 39 per cent to N44.09bn, compared to N31.75bn as of the end of Q2 2024.
Lasaco Assurance generated N16.89bn in insurance revenue in the first half of 2025, representing a 47 per cent increase from the N11.47bn recorded in the same period last year. Insurance service expenses also rose 67 per cent to N13.08bn, reflecting the company’s commitments to claims settlement and customer obligations.
Despite rising costs in the economy and volatile market conditions, the group posted a net investment result of N1.85bn, an impressive 288 per cent increase from the N476.94m reported in Q2 2024, demonstrating prudent investment strategies and yield optimisation.
Commenting on the Q2 2025 performance, Managing Director/Chief Executive Officer, Mr. Razzaq Abiodun remarked, “Despite temporary market challenges, our balance sheet remains strong and resilient. The substantial growth in our assets and shareholders’ funds underscores our long-term value creation efforts. We continue to focus on innovation, customer satisfaction, digital transformation, and operational excellence as we navigate the second half of 2025.”
That Q2 report also indicated increased investments have been made in business digitalisation, consultancy services, and branch restructuring, which have led to higher operational expenses in the short term.
“These initiatives are critical to positioning the company for future growth and efficiency. During the period, the Group’s performance was influenced by increased expenditures, rising reinsurance costs, and shifts in service-related expenses, reflecting the deliberate cost implications of executing our transformation agenda.
“Lasaco Assurance Plc remains dedicated to advancing its integrated growth vision. By investing in high-value projects like Silvercrest Estate, Ikeja, Lagos State, and other joint ventures through the subsidiary offices, the company is positioning itself to unlock new revenue streams and strengthen its market presence,” the statement concluded.
