Regency Alliance posts strong 2024 earnings, eyes N15bn capital raise

Regency Alliance Insurance Plc has reported a solid financial performance for the 2024 financial year, with total assets rising by 15.96 per cent to ₦21.86 billion, up from ₦18.85 billion in 2023.

The company’s Chairman, Mr. Clem Baiye, disclosed this while presenting the 2024 financial results at its 31st Annual General Meeting (AGM) held on Thursday.
He attributed the growth to the insurer’s disciplined investment strategy, prudent risk management, and sustained operational resilience amid a volatile economic climate.

L-R: Non-Executive Director, Regency Alliance Insurance Plc, Dr. Sammy Olaniyi; Company Secretary, Mrs. Anu Shobo; Chairman, Mr. Clem Baiye; and Managing Director, Mr. Bode Oseni, at the company’s 31st annual General Meeting in Lagos on Thursday

According to Baiye, shareholders’ funds also recorded a healthy increase of 19.24 per cent, reaching ₦13.97 billion in 2024 compared to ₦11.72 billion in the previous year.
The equity attributable to the company likewise rose to ₦14.04 billion from ₦11.78 billion.

Regency Alliance’s insurance revenue climbed 20.03 per cent to ₦7.30 billion, reflecting improved underwriting performance and business expansion.

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However, insurance service expenses — which include claims and other technical costs — rose by 46.37 per cent to ₦4.12 billion, up from ₦2.81 billion in 2023.

Despite higher operating costs, Baiye noted that management expenses increased only modestly by 7.66 per cent, underscoring the firm’s commitment to cost discipline.

The company’s investment income also improved to ₦1.17 billion, compared with ₦923 million in the previous year. A fair value gain of ₦170 million was also recorded from the revaluation of investment property.

These gains lifted Regency Alliance’s profit before tax by 19.49 per cent to ₦2.50 billion, while profit after tax grew by 16.73 per cent to ₦2.25 billion, compared to ₦1.93 billion in 2023.

To reward shareholders, the board approved a bonus issue of one new ordinary share for every three held, while also unveiling plans to undertake a rights issue and private placement to raise the required ₦15 billion minimum capital under the new Insurance Industry Reform Act (NIIRA) 2025.

The Managing Director, Mr. Bode Oseni, assured shareholders that the new shares would be allotted and listed on the Nigerian Exchange upon completion of the capital raising exercise.

“The board is convinced that our company has the potential to become a leading force in the non-life insurance space,” Oseni stated.

Regency Alliance posts strong 2024 earnings, eyes N15bn capital raise

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.

Lasaco Assurance sustains growth momentum with ₦13.19bn claims payment, 25% revenue increase in 2024

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