Continental Reinsurance Commissions ₦70m ICT Lab to drive digital learning at CIFM

Continental Reinsurance has reaffirmed its leadership role in advancing digital transformation and human capital development within Africa’s insurance industry through the inauguration of a ₦70 million ICT facility at the College of Insurance and Financial Management (CIFM) in Lagos.

The new “M.H. Koguna IT Lab”, named in honour of the company’s first Chairman, was conceived in December 2024 by Group Managing Director, Mr. Lawrence Nazare, and completed under the leadership of Managing Director, Dr. F.K. Lawal. The project reflects the company’s ongoing commitment to promoting technology-driven learning and building capacity among future insurance professionals.

Speaking at the commissioning ceremony held on Tuesday, November 4, 2025, Dr. Lawal said the initiative aligns with Continental Reinsurance’s vision to enhance the digital readiness of Nigeria’s insurance sector. He noted that the facility would provide students and practitioners with hands-on exposure to modern ICT tools critical to the industry’s evolution.

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The event drew key figures from the insurance community, including Executive Director, Mr. Emeka Akwiwu; Regional Director (Lagos), Mr. Ogadi Onwuaduegbo; President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori; and Chairman of the CIFM Board, Mr. Jide Orimolade.

In her remarks, Mrs. Ilori commended Continental Reinsurance for its sustained investment in professional development, describing the ICT lab as “a timely contribution that will bridge the digital skills gap in the industry.”

Mr. Orimolade also lauded the project as a model for corporate–academic collaboration, emphasizing that the lab would help reposition the college as a centre of excellence in insurance and financial management training.

With the M.H. Koguna IT Lab, Continental Reinsurance continues to set the pace in corporate social responsibility, education support, and digital empowerment — reinforcing its vision of a smarter, more innovative African insurance landscape.

Continental Reinsurance Commissions ₦70m ICT Lab to drive digital learning at CIFM

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