L-R: Deputy Managing Director, Corporate Service, Lasaco Assurance Plc, Mr. Rilwan Oshinusi; Executive Director, Technical, Ademoye Shobo; Director, Ademola Oshodi; Director, Biodun Dosunmu; Company Secretary, Mrs. Gertrude Olutekunbi; Chairman, Mrs. Maria Olateju Phillips; Managing Director, Razzaq Abiodun; Director, Fola Tinubu; and Non-Executive Director, Tobi Lawal, during the company’s 25th Annual General Meeting (AGM) held in Lagos today, Thursday.
Lasaco Assurance sustains growth momentum with ₦13.19bn claims payment, 25% revenue increase in 2024
Despite Nigeria’s challenging macroeconomic landscape, Lasaco Assurance Plc has posted a strong financial performance for 2024, reaffirming its commitment to policyholder trust and prudent management.
Speaking at the company’s 25th Annual General Meeting (AGM) in Lagos, the Chairman, Mrs. Maria Olateju Phillips, disclosed that Lasaco paid out a total of ₦13.19 billion in claims during the year, reflecting its dedication to fulfilling obligations to customers even in difficult times.
“Our ability to settle ₦13.19 billion in claims despite prevailing economic headwinds underscores the strength of our balance sheet, disciplined risk management, and customer-first approach,” she said.
The company’s insurance revenue rose by 25 percent to ₦22.82 billion in 2024, compared to ₦18.29 billion in 2023, while Profit After Tax grew by 18 percent to ₦1.54 billion from ₦1.31 billion a year earlier.
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Phillips attributed the performance to deeper market penetration, stronger customer engagement, and effective cost optimization strategies.
She added that Lasaco’s total assets climbed 13 percent to ₦30.94 billion, further strengthening its liquidity and capacity to meet policyholder commitments.
To enhance competitiveness and strengthen its capital base, Lasaco successfully raised ₦11.1 billion through a private placement, issuing an additional 9.25 million shares to investors.
Looking ahead, Phillips said the company’s 2025 strategy would focus on innovation, digital transformation, and sustainability.
According to her, Lasaco is investing in advanced software systems and omnichannel customer engagement tools to enhance service delivery and expand its retail insurance portfolio through targeted products and partnerships.
“We are not merely adapting to the future; we are defining it,” she declared. “With a strong financial base, clear vision, and commitment to excellence, Lasaco Assurance Plc is poised to set new benchmarks in Nigeria’s insurance industry.”
She expressed appreciation to shareholders, regulators, employees, and clients for their continued trust and support, assuring that the company remains steadfast in its mission to create sustainable value and deliver on its promises.
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