Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

Lasaco Assurance Plc has begun the 2026 financial year on a strong note, posting an 81.5% increase in profit after tax in its unaudited Q1 2026 financial results, driven by improved underwriting performance, stronger investment returns, and enhanced operational efficiency. The company recorded a profit after tax of ₦2.36 billion, up from ₦1.30 billion in the same period of 2025, reflecting sustained momentum in its core insurance operations in Nigeria.

A key highlight of the performance was the sharp growth in insurance service results, which rose by 119.6% to ₦4.22 billion, compared to ₦1.92 billion in Q1 2025. The company attributed this growth to stronger risk selection processes, improved claims management efficiency, and a more profitable insurance portfolio structure, which helped enhance underwriting margins.

Lasaco Assurance also recorded significant growth in net insurance and investment results, which increased by 74.7% to ₦5.14 billion, up from ₦2.94 billion in the previous year. This performance underscores the company’s ability to balance income from insurance underwriting activities with returns from its investment portfolio, even amid a challenging economic environment.

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The company’s total assets rose by 16.6% to ₦46.20 billion, compared to ₦39.63 billion recorded in March 2025, reflecting steady balance sheet expansion. Cash and cash equivalents also grew by 24.5% to ₦18.45 billion, strengthening liquidity and improving the company’s capacity to meet claims obligations and operational needs. In addition, reinsurance contract assets increased by 34.9%, signalling higher risk-sharing arrangements and improved underwriting capacity.

A major financial highlight was the turnaround in retained earnings, which moved from a negative position of ₦573 million in December 2025 to a positive ₦1.55 billion in Q1 2026. This improvement reflects stronger earnings quality and reinforces shareholder confidence in the company’s long-term financial stability and growth outlook.

The company also reported an 81.5% increase in earnings per share (EPS), which rose to 21.29 kobo from 11.73 kobo, highlighting improved profitability and efficient capital utilisation.

Operating expenses increased by 30.3% to ₦1.81 billion, driven by planned investments in business expansion, technology, and operational improvements. Despite the rise in costs, revenue growth significantly outpaced expenditure, resulting in stronger overall profitability and improved margins.

The Q1 2026 results reflect Lasaco Assurance’s continued focus on product innovation, risk management, and customer service enhancement. With strong earnings growth, improved liquidity, and a healthier balance sheet, the company is positioned to sustain its momentum in Nigeria’s insurance sector performance outlook for 2026.

Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

BREAKING: Dangote Refinery Raises Petrol Price to ₦1,350 Per Litre

The Dangote Refinery has implemented another upward adjustment in the ex-depot price of Premium Motor Spirit (PMS), increasing it to ₦1,350 per litre, according to confirmation from industry sources and Petroleumprice.ng.

The new adjustment represents a ₦75 increase from the previous ₦1,275 per litre, continuing a series of frequent price changes that have characterised Nigeria’s downstream petroleum market in recent weeks.

The revised price has reportedly been implemented across all loading depots, with marketers already adjusting their pricing templates in response to the new cost structure.

A senior industry official said the updated pricing has been activated across all gantries, adding that distribution channels have already reflected the new rate as supply conditions remain tight.

According to the official, marketers are quickly recalibrating their depot and retail prices to align with the latest adjustment, which reflects ongoing shifts in production and distribution costs.

The latest increase comes just days after the refinery raised its ex-depot price from ₦1,200 to ₦1,275 per litre, making it the second ₦75 hike within one week.

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Market observers say the rapid adjustments underscore the volatility currently shaping Nigeria’s deregulated fuel sector, where prices now respond directly to supply and demand dynamics.

Industry sources attributed the latest increase to a combination of factors, including fluctuations in global crude oil prices, foreign exchange pressures, and logistics costs associated with fuel distribution.

They also pointed to a temporary disruption in the issuance of pro forma invoices earlier in the week, which contributed to tighter supply conditions across the downstream market.

A senior official explained that the suspension of PFIs created short-term supply constraints, which, when combined with global oil market movements, led to the latest upward price revision.

Despite the recent increases, a senior Dangote Group official had earlier stated that the refinery has been subsidising petrol and diesel sales to stabilise supply within the Nigerian market.

Analysts, however, note that the refinery’s pricing pattern reflects a transitional phase in Nigeria’s downstream sector, where domestic refining is increasingly replacing imports but remains sensitive to international crude prices.

The latest increase is expected to translate into higher pump prices nationwide, as marketers adjust retail rates to reflect new depot costs.

Economists warn that sustained fuel price increases could further intensify inflationary pressures, particularly on transport fares, food distribution, and other essential goods and services.

Within the past month, Dangote Refinery has adjusted petrol prices multiple times, reflecting changes in crude sourcing costs, foreign exchange movements, and domestic supply conditions.

Market watchers say this volatility highlights the evolving nature of Nigeria’s deregulated petroleum market, where pricing is increasingly determined by global and local economic forces rather than fixed controls.

BREAKING: Dangote Refinery Raises Petrol Price to ₦1,350 Per Litre

FG Rules Out Return of Fuel Subsidy, Says Market Pricing Will Continue

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reiterated that the Federal Government has no plans to reintroduce fuel subsidy, stressing that ongoing economic reforms are anchored on market-based pricing and fiscal discipline.

Oyedele made the statement in Paris, France, on Tuesday during a high-level investors’ meeting attended by President Bola Tinubu, where Nigeria’s economic reform programme and investment opportunities were presented to global financial stakeholders.

He explained that the government also has no intention of introducing price controls on petroleum products, insisting that such policies would distort the economy and undermine efforts to stabilise the downstream oil sector.

The minister said the removal of fuel subsidy remains a key component of Nigeria’s broader fiscal reforms, designed to reduce inefficiencies, improve public spending, and redirect resources toward critical infrastructure and social development.

He noted that recent public debates over rising fuel prices, partly influenced by global geopolitical tensions involving the United States, Israel, and Iran, have renewed calls for subsidy reinstatement, but maintained that the policy direction remains unchanged.

Oyedele added that the current global energy landscape presents opportunities for Nigeria, as many countries seek to diversify energy supply sources and invest in alternative markets amid shifting geopolitical conditions.

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He further highlighted Nigeria’s economic performance under the Tinubu administration, stating that the country recorded strong growth in dollar terms in 2025, which supports its ambition of building a $1 trillion economy by 2030.

According to him, the government is focused on ensuring that reforms translate into real improvements in citizens’ welfare, including job creation, improved infrastructure, and stronger investor confidence.

Oyedele also disclosed plans for the regular publication of financial and economic data on a quarterly basis to enhance transparency and accountability in public finance management.

Speaking at the same event, President Bola Tinubu said his administration’s reform agenda is aimed at achieving macroeconomic stability, inclusive growth, and long-term economic resilience.

He explained that ongoing policy measures are designed to eliminate structural inefficiencies, strengthen fiscal credibility, and create a more stable environment for investment and economic expansion.

Tinubu also reaffirmed his commitment to transparency in the oil and gas sector, alongside a comprehensive security strategy that includes decentralised policing and efforts to disrupt terrorist financing networks.

He added that policy consistency and disciplined execution remain central to ensuring that economic reforms deliver tangible benefits to Nigerians.

The Presidency confirmed that the investor engagement attracted representatives from major global financial institutions, including Citibank, Amundi, BlueCrest, Ninety One, Kirkoswald Capital, Principal Finisterre, Prudential Global Investment Management, and Mesarete Capital.

Several investors reportedly commended Nigeria’s reform direction and expressed optimism about the country’s medium- to long-term economic outlook, particularly in energy, infrastructure, and financial services sectors.

FG Rules Out Return of Fuel Subsidy, Says Market Pricing Will Continue