By David Akinmola
Policyholders who suffered mishaps on their insured risks in 2024 were compensated to the tune of N13.1billion by Lasaco Assurance Plc.
This is even as the insurer has raised additional N11.1billion in a move to meet the July 2026 recapitalisation exercise for the insurance industry.
Hence, its claimants were paid, after they suffered disasters on their insured assets and lives respectively, in a move by the insurer to return the policyholders back to the financial positions they were prior to the mishaps.
The N13.1billion claims paid represented over 50 per cent of the N22. 82billion Insurance Revenue generated in its 2024 financial year.
This payment, is however, an improvement over N6.54 billion paid in its 2023 financial year, an indication that it pays crucial attention to payment of genuine claims as and when due.
Speaking during the 45th annual general Meeting(AGM) at the company’s headquarters in Ikeja, Lagos on Thursday, chairman, Mrs. Teju Phillips, disclosed to shareholders that the firm’s Insurance Revenue rose to N22.82billion, representing a 25 per cent increase from N18. 29 billion in 2023.
She attributed this growth to market penetration and enhanced customer engagement.
Stressing that, its profit after tax (PAT) leaped to N1. 54billion, reflecting an 18 per cent increase from N1. 31billion within the period under review, she added that, this achievement underscores the company’s disciplined cost optmisation and operational efficiency.
However, In a bid to strengthen the company, she said, Lasaco Assurance raised N11.1billion through a private placement, adding an additional 9.25 million shares to its existing shares, to enable it perform and compete better in the insurance industry.
Assuring that her underwriting firm is driving digital transformation and innovation by investing in various software and omnichannel customer engagement to enhance efficiently and accessibility, she added that, “the company remains committed to sustainability by expanding retail insurance solutions, through targeted policy offerings. Market expansion efforts focus on strengthening current market deepening and leveraging strategic partnership to deepen reach.”
To ensure long-term competitiveness, she said the company is upskilling its workforce even as risk management and governance framework are being enhanced through robust stress-testing measures to mitigate currency volatility regulatory shifts and geopolitical uncertainties.
“Furthermore, we are actively exploring strategic alliances to co-create embedded insurance products, alligning with Nigeria’s expanding digital economy, ” she pointed out.
Responding to the shareholders’ questions on recapitalisation, the managing director/Chief Executive Officer, Razzaq Abiodun assured them that the insurer is on the right track to recapitalise both its Life and Non-life businesses.
Saying that the Shareholders’ Fund of the company is now in excess of N21.4billion, he added that, the additional N11.1billion fresh capital raised is also a move in this direction.
According to him, “So, we are doing everything possible to meet the deadline.
The company will continue to operate with both life and non-life licenses. The recapitalisation plans submitted to the National Insurance Commission (NAICOM) exceeded the regulatory capital benchmark, a sign that the company is moving in the right direction.
“The process of recapitalisation is currently ongoing and we believe we will conclude all the necessary processes and decomentation before the deadline slated for next year.”
