Lasaco Assurance Reports 81.5% Profit Surge in Q1 2026

Lasaco Assurance Plc announced an impressive 81.5% growth in profit before tax, amounting to N2.36 billion for the first quarter of the financial year 2026, which concluded on March 31, 2026. This surge in profit is attributed to a 119.6% increase in insurance service results and a 74.7% rise in net insurance investment income, indicating aggressive operational growth.

The company's total assets rose by 16.6% to N46.20 billion, while shareholder funds increased to N22.86 billion. Notably, Lasaco returned to a positive retained earnings position after a deficit in the previous year.

Ademoy Shobo, the Managing Director of Lasaco Assurance Plc, stated that these results reflect the company's commitment to operational efficiency and customer-centric innovation, aligning with regulatory requirements set by the National Insurance Commission. The company is strategically positioned to capture emerging opportunities in the evolving insurance landscape, with ongoing recapitalization efforts aimed at enhancing its capital base and market competitiveness.