The total assets of Lasaco Assurance Plc rose to N30.47 billion in 2024 financial year even as its insurance revenue reached N22.6 billion, reflecting solid progress in its core operations.
While total liabilities of the Lasaco Assurance Group amounted to N18.42 billion, it recorded an impressive net investment result of N8.77 billion, indicating a strong performance in its investment activities.
For the 2024 financial year, the Group posted a profit before tax (PBT) of N2.17 billion and a profit after tax (PAT) of N1.89 billion, while the Group’s shareholders’ fund at year-end was N12.05 billion, demonstrating a strong financial base. With the successful completion of the N10.8 billion private placement, the company is now better positioned for enhanced stability and strategic growth.
The Lasaco Group, comprising Lasaco Assurance Plc, Lasaco Trading & Investment, and Lasaco Properties Limited, demonstrated strong individual growth, collectively making a significant impact on the group’s overall financial performance. Each subsidiary played a strategic role in driving revenue, expanding market reach, and strengthening the group’s diversified portfolio.
The parent company’s profit before tax (PBT) increased by 11.3 per cent to N1.87 billion, while profit after tax (PAT) grew by 20.7 per cent, reaching N1.59 billion. Shareholders’ fund for the parent company stood at N11.75 billion as of 31st December 2024. However, strategic efforts have been made to enhance shareholders’ funds through private placement, a move that will not only strengthen the company’s financial position but also bolster its credibility and capacity to drive greater business expansion.
Commenting on the results, the managing director of Lasaco Assurance, Razaq Abiodun, stated that, “We are delighted with the financial performance recorded in 2024. The results are a testament to the hard work and dedication of our team, as well as our ability to adapt to market conditions.
“Despite facing external challenges, we have managed to drive growth in our investments and core business segments. As we operate in 2025, we remain focused on sustaining this positive momentum and creating long-term value for our shareholders and customers.”