Lasaco Assurance Plc has reported a significant increase in claims payments, rising to N18.58 billion in 2025, from N8.08 billion in 2024. This development was disclosed in the company's 2025 financial report presented by its Chairman, Mr Babatunde Dabiri, at the 46th Annual General Meeting (AGM). The increase in claims payments came against the backdrop of growth in the company's insurance revenue.
The company's insurance revenue rose to N30.86 billion in 2025, compared with N22.82 billion recorded in the previous year. Lasaco Assurance also strengthened its financial position during the year under review, with total assets increasing by about 25.5 per cent, from N31.26 billion in 2024 to N39.24 billion in 2025. This growth in assets reflects the company's improved financial health.
Shareholders' funds of Lasaco Assurance rose by approximately 66 per cent, from N12.26 billion to N20.36 billion during the period. Total liabilities declined marginally from N19 billion in 2024 to N18.88 billion in 2025. The company's financial performance indicates a positive trend, with significant improvements in key financial metrics.
Subsequent to the 2025 financial year-end, Lasaco Assurance successfully concluded a strategic rights issue, securing N19.3 billion, exceeding its initial target of N18.47 billion by approximately 4.5 per cent. The strong investor participation demonstrated confidence in the company's corporate strategy, governance structure, management execution and long-term prospects.
The additional capital significantly strengthened the company's shareholders' funds and enabled Lasaco Assurance to exceed the new National Insurance Industry Reform Act (NIIRA) 2025 capital thresholds ahead of the regulatory compliance timeline. The company views the new capital requirements not merely as a regulatory obligation but as a strategic catalyst for long-term value creation.
The Managing Director of Lasaco Assurance Plc, Ademoye Shobo, highlighted technology, innovation and strategic partnerships as key drivers for increasing insurance participation in Nigeria. The company secured approval from NAICOM for products in the previous year, with additional products currently in the pipeline. Shobo emphasised the company's commitment to strict capital monitoring in line with NAICOM's recapitalisation framework.
With the recapitalisation, Lasaco Assurance has further strengthened its capacity to pursue its strategic objectives and compete more effectively in Nigeria's evolving insurance market. The company is committed to deepening its market position and responding effectively to changing risks and regulatory requirements. The Chairman described the successful capital-raising exercise as a landmark achievement.
Key points
- Lasaco Assurance Plc's claims payments rose to N18.58 billion in 2025.
- The company secured N19.3 billion from a strategic rights issue.
- Lasaco Assurance exceeded the new National Insurance Industry Reform Act (NIIRA) 2025 capital thresholds.
