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By Henry Uche
Despite scorching macroeconomic environment, Lasaco Assurance Plc has performed exceptionally well in 2024, with claims payout of ₦13.19 billion, a reaffirmation of its commitment to policyholder trust and financial prudence.
Speaking at the company’s 25th Annual General Meeting (AGM) held in Lagos recently, the Chairman of the company, Mrs. Maria Olateju Phillips, said the claims expenditure underscores Lasaco Assurance’s dedication to fulfilling its obligations and supporting customers in times of need.
The Chairman 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.
“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.
She explained that the company’s strong performance was driven by market penetration initiatives, improved customer engagement, and disciplined cost optimization.
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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 bid to strengthen its capital base and enhance competitiveness within the insurance landscape, 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.
The Chairman confirmed that 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.
She 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.
“We are not merely adapting to the future; we are defining it. 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.”
