Lasaco Assurance posted a record insurance revenue of N18.29bn in 2023, an impressive 36 per cent growth from the N13.47bn recorded in 2022, the firm announced on Thursday.
It said the surge reflects the company’s commitment to strategic growth and solidifies its foothold in the industry.
“Our profit before tax also showed marked resilience, rising by six per cent from N1.58bn in 2022 to N1.68bn in 2023, despite economic challenges. Furthermore, as part of our promise to support and protect our clients, claims incurred were N6.54bn, a decrease of two per cent over the previous year. This unwavering dedication to serving our clients underscores our commitment to integrity and trustworthiness,” the company said.
Lasaco Assurance’s total assets grew to N26.97bn, a five per cent increase from the previous year, while its shareholders’ fund expanded by 11 per cent, reaching N13.66bn.
“These financial milestones highlight our prudent management approach, sustainable growth trajectory, and strong capital base, reinforcing Lasaco’s stability and readiness for future opportunities.
“Beyond numbers, 2023 was a year of meaningful impact. Lasaco Assurance continued its community engagement through educational support, sports sponsorships, and developmental programmes, all aimed at making a positive difference in society. These initiatives reflect our deep-rooted values and our vision of creating a better future for Nigerians,” the company stated.
Looking forward, the firm said it is poised to redefine insurance by embracing cutting-edge digital transformation and strengthening our technological infrastructure.
“Our strategic investments in capacity-building and process optimization, along with our collaborations and partnerships, position us to better meet the evolving needs of our clients. We are also committed to sustainable growth by adopting eco-friendly practices and actively supporting the socio-economic development of the communities we serve.
“As we continue this journey, Lasaco Assurance Plc remains driven by an unwavering pursuit of excellence. Our focus on adaptability, proactive client engagement, and operational agility ensures we are ready to tackle the challenges and seize the opportunities of tomorrow. Guided by a clear vision and a dedicated team, we are confident that Lasaco will remain at the forefront of Nigeria’s insurance industry, delivering on our promises and shaping a brighter, more secure future for all,” it stated.