Lasaco Assurance records strong 2024 result with N13.19bn claims payment, 25% revenue growth
L-R: Deputy Managing Director, Corporate Service, Lasaco Assurance Plc, Mr. Rilwan Oshinusi; Executive Director, Technical, Ademoye Shobo; Director, Ademola Oshodi; Director, Biodun Dosunmu; Company Secretary, Mrs. Gertrude Olutekunbi; Chairman, Mrs. Maria Olateju Phillips; Managing Director, Razzaq Abiodun; Director, Fola Tinubu; and Non-Executive Director, Tobi Lawal, during the company’s 25th Annual General Meeting (AGM) held in Lagos today, Thursday.
Abdullateef Fowewe
Amid Nigeria’s challenging macroeconomic environment, Lasaco Assurance Plc has reaffirmed its commitment to policyholder trust and financial prudence with a total claims payout of ₦13.19 billion in 2024.
Speaking at the company’s 25th Annual General Meeting (AGM) held in Lagos, the Chairman, Mrs. Maria Olateju Phillips, said the claims expenditure underscores Lasaco Assurance’s dedication to fulfilling its obligations and supporting customers in times of need.
“Our ability to settle N13.19 billion in claims despite the prevailing economic headwinds reflects the strength of our balance sheet, prudent risk management, and unwavering focus on customer satisfaction,” she stated.
Phillips noted that Lasaco Assurance demonstrated remarkable resilience and operational strength during the financial year, with insurance revenue rising to N22.82 billion in 2024, a 25% increase from N18.29 billion in 2023. The company also recorded a Profit After Tax (PAT) of N1.54 billion, representing an 18% growth over the previous year’s N1.31 billion.
She explained that the company’s strong performance was driven by market penetration initiatives, improved customer engagement, and disciplined cost optimization.
Despite rising regulatory costs and inflationary pressures, Lasaco’s total assets expanded to N30.94 billion, reflecting a 13% year-on-year growth, thereby reinforcing its liquidity and capacity to meet policyholder obligations.
In a move to strengthen its capital base and enhance competitiveness within the insurance industry, the company raised N11.1 billion through a private placement, adding 9.25 million new shares to its existing shareholding structure.
Looking ahead, Mrs. Phillips outlined the company’s strategic outlook for 2025 and beyond, emphasizing innovation, digital transformation, and sustainability as key growth drivers.
She said Lasaco Assurance is investing in advanced software and omnichannel customer engagement tools to enhance service delivery, while also expanding retail insurance offerings through targeted products and strategic partnerships.
“We are not merely adapting to the future; we are defining it,” Phillips affirmed. “With a clear vision, a strong financial base, and an unwavering commitment to excellence, Lasaco Assurance Plc is poised to set new benchmarks in Nigeria’s insurance industry.”
The Chairman expressed appreciation to shareholders, regulators, employees, and clients for their continued trust and support, assuring them that the company remains steadfast in its mission to create sustainable value and deliver on its promises.
