Lasaco Assurance grows profit after tax by 44% in 2024, boosting investors’ confidence
Lasaco Assurance Plc
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Lasaco Assurance Plc, one of the leading insurance companies in Nigeria, has posted remarkable financial results for the year ending 31st December 2024, as stated in its just–released unaudited financial results. The profit after tax increased from N1.3 billion in 2023 to N1.89 billion in 2024, signifying a 44% growth.
This was disclosed in its recently released unaudited financial results for the year ending 31st December 2024, showcasing significant growth across key financial metrics.
This impressive performance highlights the company’s robust growth trajectory and solid financial health, making it a compelling choice for investors.
The group’s total assets reached N30.47 billion, while total liabilities amounted to N18.42 billion, reflecting sound financial management.
With insurance revenue reaching N22.6 billion and an impressive net investment result of N8.77 billion, Lasaco Assurance is positioned for sustained growth in 2025 and beyond, as demonstrated by its stock performance which has experienced consistent significant growth, much to the satisfaction of all stakeholders.
The company’s shareholders’ fund of N12.05 billion provides a robust foundation for operations, with the recent private placement set to nearly double this figure to over N22billion, significantly enhancing the company’s expansion capabilities.
Reflecting on the performance in 2024, the Chief Financial Officer of Lasaco Assurance, Mr. Akinwale Sofile, said, “The 44% growth in profit after tax is a testament to the hard work, dedication, and commitment of our team, as well as our ability to adapt to ever-evolving market conditions. Despite external challenges, we have been able to drive significant growth across our core business and investment activities.
“This strong performance reinforces the foundation we have built over the years and willalso position us for even greater success in the future. We remain focused on sustaining this positive momentum, pursuing innovative strategies, and delivering long-term value for our shareholders and customers. We are committed to further strengthening LasacoAssurance’s financial stability, expanding, and penetrating our market reach.”
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