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Lasaco Assurance Plc has announced a significant boost in its financial position after posting an 84 per cent growth in shareholders’ fund, which rose to N22.11bn in the second quarter of 2025, compared to N12.02bn in the same period of 2024. The company said the result reflects a stronger capital base and improved resilience in its operations despite rising costs and market volatility.
The insurance firm disclosed this in a statement on Monday while releasing its unaudited financial results for the second quarter ended June 30, 2025. The report highlighted growth across insurance operations, asset base, and investment activities.
According to the Q2 results, the company’s total assets expanded by 39 per cent, climbing from N31.75bn as of June 2024 to N44.09bn at the end of Q2 2025. This asset growth was supported by stronger insurance revenue and improved investment returns.
In the first half of 2025, Lasaco Assurance generated N16.89bn in insurance revenue, representing a 47 per cent increase compared to N11.47bn recorded in the corresponding period of 2024. However, insurance service expenses also grew, rising by 67 per cent to N13.08bn, a reflection of the company’s commitment to fulfilling claims and meeting customer obligations.
The company’s investment portfolio also showed strong performance. Lasaco Assurance posted a net investment result of N1.85bn in Q2 2025, compared to N476.94m in Q2 2024, representing a 288 per cent increase. The management attributed this growth to prudent investment strategies and yield optimisation in a challenging economic environment.
Commenting on the results, Managing Director and Chief Executive Officer, Mr. Razzaq Abiodun, described the Q2 performance as a demonstration of resilience and long-term value creation. “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,” Abiodun said.
The company noted that some of its transformation initiatives have led to higher operational expenses in the short term. Investments have been directed towards digitalisation of processes, consultancy services, and restructuring of branches to improve efficiency. These steps, according to the management, were necessary to position Lasaco Assurance for future growth and competitiveness in Nigeria’s evolving insurance industry.
The report added that the group’s performance in Q2 2025 was also influenced by rising reinsurance costs, changes in service-related expenses, and deliberate spending to implement the company’s transformation agenda. Despite these pressures, the management expressed confidence in its long-term strategy.
Lasaco Assurance also pointed to its growing involvement in real estate and joint ventures as part of its integrated growth vision. The company is currently investing in Silvercrest Estate, Ikeja, Lagos State, among other projects, through its subsidiaries. These initiatives are expected to open new revenue streams while strengthening its market presence.
The company, which has remained a notable player in Nigeria’s insurance sector for over four decades, assured its stakeholders of continued commitment to growth and financial stability. The management emphasised that its focus on digital transformation, customer service, and sustainable investment would sustain momentum in the coming quarters.
Industry observers believe that Lasaco’s performance reflects a wider trend among Nigerian insurers, who are increasingly diversifying revenue streams and strengthening capital positions in response to regulatory requirements and market realities. The company’s strong Q2 results, coupled with its expansion into real estate and digitalisation, suggest that it is positioning to compete more effectively in the coming years.
As Nigeria’s insurance industry continues to attract attention from investors and regulators, Lasaco’s ability to sustain growth while meeting customer obligations and expanding into new markets will likely determine its long-term performance.
