Lasaco Assurance Plc has maintained its national scale financial strength rating of A(NG) for the 2025/2026 rating period, as affirmed by Global Credit Rating Co. (GCR) with a stable outlook. This affirmation underscores the company’s robust capitalisation, adequate liquidity, and sustained commitment to operational excellence within Nigeria’s competitive insurance sector. The rating reflects Lasaco assurance’s solid risk-adjusted capital base, strengthened significantly by a capital injection in the year.
The company’s insurance revenue grew by 35.2 per cent to NGN30.8 billion last year, supported by broad-based growth across its business lines. This significant growth in revenue is a testament to the company’s ability to expand its market share and improve its underwriting profitability. The capital injection also enhanced its capacity to underwrite larger and higher-value risks, positioning the company for sustainable growth.
Despite facing challenges such as underwriting performance pressures, Lasaco assurance continues to pursue strategic initiatives aimed at expanding retail penetration, increasing digitalisation, and leveraging key partnerships to reinforce its market position. The company’s Managing Director, Mr. Ademoye Shobo, expressed delight at the affirmation of the company’s A(NG) rating, validating the hard work and resilience of the team.
Mr. Shobo stated that Lasaco Assurance is proud of this recognition and remains fervently committed to continuous improvement. The company is actively working to elevate its rating through enhanced underwriting practices, operational excellence, and strategic growth. This reaffirmation of financial strength and stability by GCR reinforces Lasaco Assurance Plc’s reputation as a resilient and forward-looking insurer.
Lasaco Assurance’s strengthened capital base and improved liquidity coverage position the company well for sustainable growth over the outlook period. The company remains focused on delivering value to policyholders, expanding its market share, and improving underwriting profitability, thereby contributing meaningfully to Nigeria’s insurance industry development.
The affirmation of the A(NG) rating is a significant milestone for Lasaco Assurance, as it demonstrates the company’s commitment to excellence and sustained growth. The company’s ability to maintain a strong financial strength rating despite the challenges in the insurance sector is a testament to its resilience and forward-looking approach.
As the company charts its path forward, it will continue to leverage its strengths and pursue strategic initiatives to drive growth and improve its market position. With a strong capital base, improved liquidity coverage, and a commitment to operational excellence, Lasaco Assurance is well-positioned for sustainable growth and success in Nigeria’s insurance industry.
Key points
- Lasaco Assurance Plc maintains its national scale financial strength rating of A(NG) for the 2025/2026 rating period.
- The company’s insurance revenue grew by 35.2 per cent to NGN30.8 billion last year.
- Lasaco Assurance’s strengthened capital base and improved liquidity coverage position the company well for sustainable growth.
