Lasaco Assurance delivers strong Q1 2026 performance, posts over 80% profit growth
Lasaco Assurance Plc
Nike Popoola
Lasaco Assurance Plc has kicked off the 2026 financial year with a compelling performance, recording strong growth across key financial indicators and reinforcing its position as one of the more resilient players in Nigeria’s insurance sector.
The company’s unaudited results for the period ended March 31, 2026 show that profit after tax surged by 81.5% to ₦2.36 billion, up from ₦1.30 billion recorded in the corresponding period of 2025. This significant increase underscores improved operational efficiency, stronger underwriting performance, and disciplined execution of its growth strategy.
A major highlight of the results is the sharp improvement in insurance service results, which rose by an impressive 119.6% to ₦4.22 billion from ₦1.92 billion in Q1 2025. This reflects enhanced risk selection, better claims management, and a more profitable insurance portfolio.
Similarly, net insurance and investment results grew by 74.7%, reaching ₦5.14 billion compared to ₦2.94 billion in the prior year. This growth highlights the company’s ability to effectively balance underwriting income with investment returns, even in a dynamic economic environment.
On the balance sheet, Lasaco Assurance Plc recorded a strong expansion in total assets, which increased by 16.6% to ₦46.20 billion from ₦39.63 billion as at March 2025. This growth was driven by improved liquidity and asset accumulation, with cash and cash equivalents rising by 24.5% to ₦18.45 billion from ₦14.82 billion, providing a solid buffer for underwriting and claims obligations.
Reinsurance contract assets also grew significantly by 34.9%, indicating increased risk-sharing capacity and stronger underwriting activities.
From a shareholder value perspective, retained earnings recorded a remarkable turnaround, moving from a negative position of ₦573 million in December 2025 to a positive ₦1.55 billion in Q1 2026. This reinforces improved earnings quality and signals a stronger foundation for future growth and dividend potential.
Earnings per share also increased by 81.5%, rising to 21.29 kobo from 11.73 kobo, reflecting enhanced profitability and efficient capital utilization.
Although operating expenses rose by 30.3% to ₦1.81 billion, this was largely driven by strategic investments in operations and growth initiatives. Importantly, revenue growth and improved margins significantly outpaced cost increases, resulting in a stronger overall profitability position.
The company’s Q1 performance builds on its ongoing strategic initiatives, including product innovation, enhanced customer engagement, and operational optimization. These efforts are clearly translating into measurable financial gains, positioning Lasaco Assurance Plc for sustained momentum in the quarters ahead.
With double-digit growth across major performance metrics, improved balance sheet strength, and a clear focus on value creation, Lasaco Assurance Plc has set a strong tone for the 2026 financial year, reinforcing investor confidence and its long-term growth trajectory within Nigeria’s evolving insurance landscape.
