Lasaco Assurance shows resiliencein Q3 with 29% revenue growth
Lasaco Assurance Plc has demonstrated resilience in its Third Quarter 2024 financial result generating insurance revenue of N17.07 billion.
This represents a 29 per cent increase compared to same period in 2023.
The underwriting firm’s net insurance and investment results improved by 50 per cent from N3.1billion in 2023 to N4.6billion in 2024, signaling enhanced operational efficiency and profitability.
Meanwhile, the company incurred claims of N6 billion as of Q3 2024, a 19 per cent increase compared to same period in 2023.
Total assets grew to N33.09 billion, marking a solid 23 per cent increase from the previous year, while shareholders’ fund expanded by 11 per cent, reaching N15.01 billion.
Commenting on the result, the Managing Director/CEO, Mr. Razzaq Abiodun, said the financial achievements highlight their prudent management approach and reinforce our stability and readiness for future opportunities.
He said: “Lasaco Assurance has demonstrated resilience and strategic foresight as it navigates 2024 with remarkable financial performance. With our recently released unaudited Q3 financials revealing strong growth across core areas, we are positioning itself better in Nigeria’s insurance sector.
“Despite the challenges of a dynamic economic environment, Lasaco has not only expanded its revenue streams but has also structured its operations to support long-term growth and shareholder value. Our Profit Before Tax saw substantial improvement, affirming our focus on expanding core insurance services and optimizing investment income.
“Beyond financial metrics, Q3 2024 was marked by impactful community engagement initiatives. We continued our 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, we are poised to redefine the insurance landscape by embracing advanced digital transformation and enhancing our technological infrastructure, Abiodun stressed.
