Lasaco’s claims payout surges N18.58bn, set for bigger portfolios

Lasaco Assurance Plc recorded a significant increase in claims payments, rising to N18.58 billion in 2025, from N8.08 billion in 2024, as the company reaffirmed its commitment to prompt settlement of claims.

The development was disclosed in the company’s 2025 financial report presented by its Chairman, Mr Babatunde Dabiri, at the 46th Annual General Meeting (AGM), held virtually at its head office recently.

The increase in claims payments came against the backdrop of growth in the company’s insurance revenue, which rose to N30.86 billion in 2025, compared with N22.82 billion recorded in the previous year.

Lasaco Assurance also strengthened its financial position during the year under review, with total assets increasing by about 25.5 per cent, from N31.26 billion in 2024 to N39.24 billion in 2025.

Similarly, shareholders’ funds rose by approximately 66 per cent, from N12.26 billion to N20.36 billion during the period.

Total liabilities declined marginally from N19 billion in 2024 to N18.88 billion in 2025.

Speaking on the company’s recapitalisation journey, Dabiri disclosed that, subsequent to the 2025 financial year-end, Lasaco Assurance successfully concluded a strategic rights issue.

He said the strong investor participation demonstrated confidence in the company’s corporate strategy, governance structure, management execution and long-term prospects.

According to him, the additional capital significantly strengthened the company’s shareholders’ funds and enabled Lasaco Assurance to exceed the new National Insurance Industry Reform Act (NIIRA) 2025 capital thresholds ahead of the regulatory compliance timeline.

Dabiri said the company viewed the new capital requirements not merely as a regulatory obligation but as a strategic catalyst for long-term value creation.

He noted that the company successfully met the National Insurance Commission (NAICOM) minimum capital requirements ahead of the 31 July deadline and was subsequently approved as one of the recapitalised insurance companies authorised to continue operating in Nigeria.

The Chairman described the successful capital-raising exercise as a landmark achievement, noting that Lasaco Assurance secured N19.3 billion, exceeding its initial target of N18.47 billion by approximately 4.5 per cent.

He said the recapitalisation had further strengthened the company’s capacity to pursue its strategic objectives and compete more effectively in Nigeria’s evolving insurance market.

The Chairman expressed the company’s growing financial commitments to policyholders as the company seeks to deepen its market position and respond effectively to changing risks and regulatory requirements.

The Managing Director of Lasaco Assurance Plc, Ademoye Shobo, highlighted technology, innovation and strategic partnerships as key drivers for increasing insurance participation in Nigeria.

He noted that the company secured approval from NAICOM for products in the previous year, with additional products currently in the pipeline.

Shobo also emphasised the company’s commitment to strict capital monitoring in line with NAICOM’s recapitalisation framework, noting that maintaining adequate capital remains critical to sustaining the company’s operations and growth.

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