BY NECHI NAECHE-ESEZOBOR—Lasaco Assurance Plc has begun the 2026 financial year on a strong note, reporting a significant rise in profitability for the first quarter.
The company’s profit after tax climbed to ₦2.36 billion, reflecting an 81.5% increase compared to the same period in 2025.
This impressive performance was driven by improved operational efficiency, stronger underwriting results, and enhanced investment income, underscoring the insurer’s continued focus on disciplined growth and value creation within Nigeria’s insurance sector.
A major highlight of the results is the sharp improvement in insurance service results, which rose by an impressive 119.6% to ₦4.22 billion from ₦1.92 billion in Q1 2025. This reflects enhanced risk selection, better claims management, and a more profitable insurance portfolio.
Similarly, net insurance and investment results grew by 74.7%, reaching ₦5.14 billion compared to ₦2.94 billion in the prior year. This growth highlights the company’s ability to effectively balance underwriting income with investment returns, even in a dynamic economic environment.
On the balance sheet, Lasaco Assurance Plc recorded a strong expansion in total assets, which increased by 16.6% to ₦46.20 billion from ₦39.63 billion as at March 2025. This growth was driven by improved liquidity and asset accumulation, with cash and cash equivalents rising by 24.5% to ₦18.45 billion from ₦14.82 billion, providing a solid buffer for underwriting and claims obligations.
Reinsurance contract assets also grew significantly by 34.9%, indicating increased risk-sharing capacity and stronger underwriting activities.
From a shareholder value perspective, retained earnings recorded a remarkable turnaround, moving from a negative position of ₦573 million in December 2025 to a positive ₦1.55 billion in Q1 2026. This reinforces improved earnings quality and signals a stronger foundation for future growth and dividend potential.
Earnings per share also increased by 81.5%, rising to 21.29 kobo from 11.73 kobo, reflecting enhanced profitability and efficient capital utilization.
Although operating expenses rose by 30.3% to ₦1.81 billion, this was largely driven by strategic investments in operations and growth initiatives. Importantly, revenue growth and improved margins significantly outpaced cost increases, resulting in a stronger overall profitability position.
The company’s Q1 performance builds on its ongoing strategic initiatives, including product innovation, enhanced customer engagement, and operational optimization. These efforts are clearly translating into measurable financial gains, positioning Lasaco Assurance Plc for sustained momentum in the quarters ahead.
With double-digit growth across major performance metrics, improved balance sheet strength, and a clear focus on value creation, Lasaco Assurance Plc has set a strong tone for the 2026 financial year, reinforcing investor confidence and its long-term growth trajectory within Nigeria’s evolving insurance landscape.
