Lasaco Assurance pays N6bn claims

Lasaco Assurance Plc incurred claims of N6bn as of Q3 2024, a 19 per cent increase compared to the same period in the 2023 financial period, affirming its commitment to prompt claims settlement to its customers.

The company continued to demonstrate resilience and strategic foresight as it navigates 2024 with remarkable financial performance, it said in a statement.

With its recently released unaudited Q3 financials revealing strong growth across core areas, Lasaco Assurance is positioning itself better in Nigeria’s insurance sector, the firm said.

Despite the challenges of a dynamic economic environment, it has not only expanded its revenue streams but has also structured its operations to support long-term growth and shareholder value.

In Q3 2024, Lasaco Assurance Plc’s profit before tax saw substantial improvement, affirming its focus on expanding core insurance services and optimizing investment income.

The statement read, “Insurance revenue generated was N17.07bn, a 29 per cent increase compared to the same period in 2023. Net Insurance and Investment results improved by 50 per cent from N3.1bn in 2023 to N4.6bn in 2024, signaling enhanced operational efficiency and profitability.

“Lasaco Assurance’s total assets have grown to N33.09bn, marking a solid 23 per cent increase from the previous year, while our shareholders’ fund expanded by 11 per cent, reaching N15.01bn. These financial achievements highlight our prudent management approach and reinforce our stability and readiness for future opportunities.

“Beyond financial metrics, Q3 2024 was marked by impactful community engagement initiatives. Lasaco Assurance continued its support through educational programs, sports sponsorships, and various developmental initiatives aimed at fostering positive societal change. These efforts reflect our core values and vision for a better future for Nigerians.”

Looking ahead, Lasaco Assurance said it is poised to redefine the insurance landscape by embracing advanced digital transformation and enhancing our technological infrastructure.

It stated, “Our strategic investments in capacity building and process optimization, along with collaborative partnerships, position us to meet the evolving needs of our clients effectively. We remain committed to sustainable growth through eco-friendly practices and active support for the socio-economic development of the communities we serve.

“As we progress on this journey, Lasaco Assurance Plc is driven by an unwavering pursuit of excellence. Our focus on adaptability, proactive client engagement, and operational agility ensures we are well-prepared to face future challenges and seize new opportunities.

“With a clear vision and a dedicated team, we are confident that Lasaco Assurance Plc will continue to lead Nigeria’s insurance industry, fulfilling our promises and contributing to a brighter, more secure future for all.”