Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

Lasaco Assurance Plc

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.