Joy Agwunobi
Lasaco Assurance Plc recorded steady growth in its 2024 financial year, with total assets rising to N30.47 billion, while insurance revenue stood at N22.6 billion, showing improvements in its core operations.
This was indicated in its unaudited financial results for the year ending December 31, 2024, filed with Nigerian Exchange Limited.
The Group’s total liabilities amounted to N18.42 billion, while it generated a net investment result of N8.77 billion, reflecting strong gains from its investment activities.
For the year, Lasaco Assurance Group posted a profit before tax (PBT) of N2.17 billion and a profit after tax (PAT) of N1.89 billion. The Group’s shareholders’ fund closed the year at N12.05 billion, highlighting its financial strength. Following the successful completion of a N10.8 billion private placement, the company is now in a stronger position to improve stability and expand its business.
Lasaco Group, made up of Lasaco Assurance Plc, Lasaco Trading & Investment, and Lasaco Properties Limited, recorded significant growth across its subsidiaries,with each arm playing a key role in generating revenue, widening market reach, and contributing to the Group’s overall performance.
The parent company, Lasaco Assurance Plc, saw its profit before tax (PBT) rise by 11.3 per cent to N1.87 billion, while profit after tax (PAT) increased by 20.7 per cent to N1.59 billion. As of December 31, 2024, the shareholders’ fund for the parent company stood at N11.75 billion.
Efforts have been made to further strengthen the company’s financial base through private placement, a move expected to boost its capital position, enhance credibility, and support future expansion.
Commenting on the results, Razaq Abiodun, the managing director of Lasaco Assurance, stated that, “We are delighted with the financial performance recorded in 2024. The results are a testament to the hard work and dedication of our team, as well as our ability to adapt to market conditions.
“Despite facing external challenges, we have managed to drive growth in our investments and core business segments. As we operate in 2025, we remain focused on sustaining this positive momentum and creating long-term value for our shareholders and customers.”
