LASACO Assurance Reduces Losses, Eyes Dividend Resumption

LASACO Assurance Plc has significantly reduced its accumulated losses by 94.5%, with the Group’s retained earnings deficit narrowing to N39.32 million as of September 30, 2026, from N710.08 million at the end of December 2025. This reduction was driven by a profit after tax of N1.25 billion for the nine months ended September 30, 2026, compared to a loss of N4.81 billion in the same period of 2025.

The improvement in profitability was supported by a 22.8% decline in insurance service expenses to N15.45 billion and a 3.7% increase in insurance revenue to N23.81 billion. Despite the Group's accumulated losses nearing elimination, the parent company’s retained earnings remain negative at N559.55 million, indicating that further recovery is needed before dividends can be resumed.

LASACO has not paid dividends since July 2023, when it distributed 15 kobo per share for the 2022 financial year. The company has a history of dividend payments from 1999 and paid annually from 2017 to 2023.