Lasaco Assurance Announces N1.89bn Profit

Ebere Nwoji

Lasaco Assurance Plc,  said it recorded significant growth across key financial metrics  in its unaudited financial results for the year ended 31st December 2024.

In the 2024 financial year, the  Lasaco group posted a profit before tax (PBT) of N2.17 billion and a profit after tax (PAT) of N1.89 billion. The goup’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 Managing Director of Lasaco Assurance, Mr. Razaq Abiodun, commenting on the result said  Lasaco group’s total assets for the year stood at N30.47 billion, while total liabilities amounted to N18.42 billion. He said the group also recorded an impressive net investment result of N8.77 billion, indicating a strong performance in its investment activities. “Additionally, Lasaco Assurance’s insurance revenue grew to N22.6 billion, reflecting solid progress in its core operations.

“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. Their combined contributions reinforced the company’s financial stability and positioned the group for sustained growth in an increasingly competitive market” he said..

 According to Abiodun, Parent company’s profit before tax (PBT) increased by 11.3 percent 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,” he stated.