Lasaco Assurance maintains strong “A(NG)” Rating for third consecutive year
Managing Director of Lasaco Assurance Plc, Mr. Razzaq Abiodun,
Lasaco Assurance Plc has once again proven its resilience and industry leadership as Global Credit Rating (GCR) affirmed the company’s national scale financial strength rating of A(NG) with a Stable Outlook. This marks the third consecutive year that Lasaco Assurance Plc has maintained this strong rating, underscoring the insurer’s commitment to financial strength, stability, and sustainable growth.
The affirmation reflects Lasaco assurance’s sound risk-adjusted capitalisation and solid liquidity position, strengthened by the recent ₦10.8 billion capital injection through private placement. As of June 30, 2025, the company’s shareholders’ fund rose significantly by 80.2% to ₦22.1 billion, boosting the firm’s capital adequacy ratio to 3.6x – a clear indication of improved loss-absorbing capacity and resilience.
Liquidity also improved remarkably, with cash and liquid assets making up 67.2% of the investment portfolio, ensuring Lasaco can comfortably meet obligations and continue driving innovation in the Nigerian insurance market.
Furthermore, Lasaco assurance’s insurance revenue grew by 24.8% to ₦22.8 billion in 2024, a testament to the company’s steady expansion, diversified business lines, and customer-focused approach. The company’s subsidiaries, Lasaco Trading and Investment Limited and Lasaco Properties Limited, also contributed to the strength of the overall business portfolio.
Speaking on the achievement, the company emphasized that maintaining this rating is not just a reflection of its financial standing but also of its strategic vision to deepen retail penetration, embrace digital transformation, and continually enhance customer experience.
This recognition comes at a time when the Nigerian insurance industry is becoming increasingly competitive, and Lasaco Assurance’s consistency in maintaining an “A(NG)” rating is a strong message of confidence to policyholders, shareholders, and stakeholders at large.
While the rating acknowledges the company’s strengths, Lasaco assurance is not resting on its achievements. The insurer reaffirmed its commitment to adopting more prudent underwriting practices, enhancing operational efficiency, and leveraging technology to ensure it not only sustains this position but also moves higher in the years ahead.
Lasaco Assurance Plc’s three-year streak of strong ratings is a milestone worth celebrating. It reflects the company’s unwavering focus on resilience, growth, and customer trust, positioning it as a beacon of stability in Nigeria’s insurance landscape.
