Lasaco Assurance secures ‘A(NG)’ rating for third year, signals strong growth, stability

Lasaco Assurance secures ‘A(NG)’ rating for third year, signals strong growth, stability

Lasaco Assurance Plc has once again reaffirmed its position as a leading force in Nigeria’s insurance industry, with Global Credit Rating (GCR) affirming its national scale financial strength rating of A(NG) with a Stable Outlook for the third year running.

The sustained rating reflects Lasaco’s robust financial fundamentals, particularly its strong risk-adjusted capitalisation and solid liquidity profile.

These strengths have been further bolstered by a recent ₦10.8 billion capital injection via private placement, which significantly increased the company’s shareholders’ fund by 80.2% to ₦22.1 billion as of June 30, 2025.

This surge also lifted the company’s capital adequacy ratio to 3.6x, indicating enhanced resilience and a greater capacity to absorb potential losses.

Liquidity metrics have also seen a marked improvement, with cash and liquid assets comprising 67.2% of the firm’s investment portfolio.

This ensures Lasaco is well-positioned to meet its financial obligations while continuing to invest in innovation and service delivery.

The company’s growth trajectory remains strong, as evidenced by a 24.8% increase in insurance revenue to ₦22.8 billion in 2024.

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This performance is attributed to its diversified business model, steady market expansion, and a customer-centric strategy.

Subsidiaries such as Lasaco Trading and Investment Limited and Lasaco Properties Limited continue to add strategic value and enhance the group’s overall resilience.

Commenting on the rating, Lasaco Assurance said the affirmation reflected more than just financial stability—it validated the company’s strategic focus on retail market expansion, digital transformation, and exceptional customer experience.

In an increasingly competitive insurance landscape, Lasaco’s consistent high rating sends a strong signal of trust and reliability to policyholders, investors, and stakeholders.

The company reiterated its commitment to prudent underwriting, operational efficiency, and the strategic use of technology, aiming to not only maintain but surpass its current standing in the coming years.

According to a statement by the company, its three-year streak of strong ratings underscores its role as a pillar of stability and innovation in Nigeria’s insurance sector—a milestone that highlights both its past successes and future ambitions.

This recognition comes at a time when the Nigerian insurance industry is becoming increasingly competitive, and Lasaco Assurance’s consistency in maintaining an “A(NG)” rating is a strong message of confidence to policyholders, shareholders, and stakeholders at large.

While the rating acknowledges the company’s strengths, Lasaco Assurance says it is not resting on its achievements. The insurer reaffirmed its commitment to adopting more prudent underwriting practices, enhancing operational efficiency, and leveraging technology to ensure it not only sustains this position but also moves higher in the years ahead.

Lasaco Assurance secures ‘A(NG)’ rating for third year, signals strong growth, stability