Lasaco Assurance Plc posted a profit after tax (PAT) of ₦1.89 billion in the financial year ending December 31, 2024, from ₦1.3 billion recorded in 2023, indicating 44 percent growth.
Lasaco Assurance, one of the leading insurance companies in Nigeria, stated this in its recently released unaudited financial results, showcasing significant growth across key financial metrics.
The group’s total assets was ₦30.47 billion, while total liabilities amounted to ₦18.42 billion; insurance revenue reached ₦22.6 billion and an impressive net investment result of ₦8.77 billion, reflecting sound financial management.
They noted that this impressive performance highlights the company’s robust growth trajectory and solid financial health, making it a compelling choice for investors.
According to Lasaco Assurance, it is positioned for sustained growth in 2025 and beyond, as demonstrated by its stock performance, which has experienced consistent, significant growth to the satisfaction of all stakeholders.
The company’s shareholders’ fund of ₦12.05 billion provides a robust foundation for operations, with the recent private placement set to nearly double this figure to over ₦22 billion, significantly enhancing the company’s expansion capabilities.
Mr. Akinwale Sofile, Chief Financial Officer of Lasaco Assurance, while reflecting on the 2024 performance, said, “The 44 percent growth in profit after tax is a testament to the hard work, dedication, and commitment of our team, as well as our ability to adapt to ever-evolving market conditions. Despite external challenges, we have been able to drive significant growth across our core business and investment activities.
“This strong performance reinforces the foundation we have built over the years and will also position us for even greater success in the future. We remain focused on sustaining this positive momentum, pursuing innovative strategies, and delivering long-term value for our shareholders and customers. We are committed to further strengthening Lasaco Assurance’s financial stability, expanding, and penetrating our market reach.”
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