Lasaco records 24% profit growth Q1

Lasaco Assurance Plc has reported a Profit Before Tax of N1.62 billion for the first quarter ending March 31, 2025, reflecting strong financial growth.

This marks a 24 per cent increase from the N1.30 billion recorded in the same period of 2024, showcasing continued business resilience.

The financial results were disclosed in a corporate statement filed with the Nigerian Exchange Ltd. on Tuesday, underscoring transparency in the company’s operations.

Revenue rose significantly by 59 per cent, reaching N10.43 billion in 2025, compared to N6.57 billion posted in the corresponding quarter of the previous year.

The remarkable rise in revenue is attributed to improved underwriting performance and strategic investment returns across its insurance and asset management portfolios.

Lasaco’s shareholders’ funds more than doubled, recording a 101 per cent growth from N12.01 billion in 2024 to N24.13 billion as of March 2025.

This growth indicates stronger investor confidence and an enhanced capital base, providing a solid foundation for future expansion and regulatory compliance.

Total assets climbed to N45.68 billion, representing a 44 per cent increase from N31.74 billion reported in the previous year’s first quarter.

The company stated that the positive performance reflects disciplined risk management, innovation in insurance offerings, and a sustained focus on customer satisfaction.

It also reaffirmed its commitment to delivering long-term value for its shareholders while strengthening its position in Nigeria’s competitive insurance sector.