Lasaco Assurance grows insurance revenue by 36% to N18.29bn in 2023

Abdullateef Fowewe

One of the leading insurance companies in Nigeria, Lasaco Assurance Plc, grew its insurance revenue by 36 per cent in 2023 financial period, solidifying its status as a reliable insurance provider.

The company also achieved new heights of excellence, securing its place as an industry leader dedicated to transforming the insurance landscape.

In a statement, Lasaco noted that 2023 achievements reflect its resilience, innovation, and deep commitment to delivering value to its customers, stakeholders, and communities.

The statement said, “Lasaco Assurance posted a record insurance revenue of N18.29bn, an impressive 36% growth from N13.47bn in 2022. This robust surge reflects our commitment to strategic growth and solidifies our foothold in the industry.

“Our profit before tax also showed marked resilience, rising by 6% from N1.58 billion in 2022 to N1.68 billion in 2023, despite economic challenges. Furthermore, as part of our promise to support and protect our clients, claims incurred were N6.54 billion, a decrease of 2% over the previous year. This unwavering dedication to serving our clients underscores our commitment to integrity and trustworthiness.

“Lasaco Assurance’s total assets grew to N26.97 billion, a solid 5% increase from the previous year, while our shareholders’ fund expanded by 11%, reaching N13.66 billion. These financial milestones highlight our prudent management approach, sustainable growth trajectory, and strong capital base, reinforcing Lasaco’s stability and readiness for future opportunities.”

Lasaco Assurance continued its community engagement through educational support, sports sponsorships, and developmental programs, all aimed at making a positive difference in society.

The statement said, “These initiatives reflect our deep-rooted values and our vision of creating a better future for Nigerians.

“Looking forward, Lasaco is poised to redefine insurance by embracing cutting-edge digital transformation and strengthening our technological infrastructure. Our strategic investments in capacity-building and process optimization, along with our collaborations and partnerships, position us to better meet the evolving needs of our clients. We are also committed to sustainable growth by adopting eco-friendly practices and actively supporting the socio-economic development of the communities we serve.

“As we continue this journey, Lasaco Assurance Plc remains driven by an unwavering pursuit of excellence. Our focus on adaptability, proactive client engagement, and operational agility ensures we are ready to tackle the challenges and seize the opportunities of tomorrow. Guided by a clear vision and a dedicated team, we are confident that Lasaco will remain at the forefront of Nigeria’s insurance industry, delivering on our promises and shaping a brighter, more secure future for all.”