The presentation ceremony, held on Thursday, June 11, 2026, underscored the Lagos State Government’s commitment to the welfare of its workforce by ensuring that the families of public servants who died in active service receive the financial support due to them.

Speaking at the ceremony, the Special Adviser to the Governor on Rural Development, Dr. Nurudeen Agbaje, reaffirmed the Lagos State Government’s dedication to supporting the families of public servants who passed away while in active service. He noted that the disbursement demonstrates the administration’s commitment to fulfilling its obligations to workers and their dependants, even after their demise.

Mrs. Jumoke Koleosho, representing the Managing Director of Lasaco Assurance Plc, joined in expressing condolences to the beneficiaries and urged them to make responsible use of the funds disbursed. She noted that the insurance benefits were designed to provide financial relief and long-term stability for affected families, particularly in meeting educational, welfare, and other essential needs, while also highlighting the importance of insurance as a vital safety net for protecting lives and securing the future.

Representatives from the Ministry of Local Government, Chieftaincy Affairs and Rural Development, the State Universal Basic Education Board, and Haggai Insurance Brokers Limited all paid tribute to the deceased workers, acknowledging their invaluable contributions to the development of Lagos State. They collectively emphasized the importance of the initiative and reiterated their shared commitment to ensuring that the families of deceased workers receive the support due to them. Beneficiaries were also urged to make prudent use of the funds in ways that would positively impact their families and preserve the legacies of their departed loved ones.

The disbursement further reinforces Lasaco Assurance Plc’s commitment to delivering meaningful protection and financial security to individuals and families. It highlights the company’s continued role in supporting structured welfare initiatives that provide timely relief to bereaved families and strengthen public sector confidence in social protection frameworks.

Through sustained collaboration with government institutions and other stakeholders, Lasaco Assurance Plc continues to play an active role in advancing systems that safeguard lives, preserve family legacies, and promote broader social well-being across Nigeria.

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The strategic direction was communicated during the company’s recent staff retreat, where management engaged employees on the organization’s priorities for the coming years and the need to strengthen operations, innovation, and service delivery in a changing insurance environment.

Speaking at the retreat, the Acting Managing Director, Mr. Ademoye Shobo, said, “The company’s strategic priorities for the coming years will focus on modernizing operations, fast-tracking digital adoption across service delivery, and developing insurance solutions that are better aligned with the realities of today’s customers.”

He explained that these focus areas are central to improving accessibility, strengthening performance, and positioning the company for long-term competitiveness within the insurance sector.

Also addressing staff, the Deputy Managing Director, Mr. Rilwan Oshinusi, highlighted the importance of strong execution, collaboration, and disciplined implementation in translating strategy into measurable outcomes.

Driven by this leadership direction, LasacoAssurance Plc is strengthening its capacity to deliver simpler processes, more responsive service channels, and improved customer experiences, positioning the company to meet the evolving needs of policyholders in Nigeria’s insurance market.

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Profit before tax appreciated to N1.68 billion from N1.58 billion in 2022, showing six percent increase.

Committed to prompt claims payment, the company paid N6.54 billion as claims to policyholders , a decrease of 2% over the previous year.

Total assets grew by 5 percent to N26.97 billion, a solid 5% increase from the previous year while shareholders’ fund rose slightly by 11%, reaching N13.66 billion.

According to the company these financial milestones highlight, its prudent management approach, sustainable growth trajectory, and strong capital base, reinforcing Lasaco’s stability and readiness for future opportunities.

The company l continued its community engagement through educational support, sports sponsorships, and developmental programs, all aimed at making a positive difference in society.

These initiatives reflect its deep-rooted values and its vision of creating a better future for Nigerians.

On its future outlook, the insurer Lasaco is poised to redefine insurance by embracing cutting-edge digital transformation and strengthening our technological infrastructure.

The post Lasaco Assurance Grows Insurance Revenue By 36% To N18.29 billion In FY23 appeared first on Business Today NG.

The report by GCR has accentuated Lasaco Assurance Plc’s strong risk-adjusted capitalization and ample liquidity, highlighting its ability to withstand market volatility and maintain financial stability. The company’s ability to not only endure but thrive in the midst of economic uncertainties solidifies its reputation as a reliable insurance provider in Nigeria.

While the GCR report identifies areas for strategic focus, such as modest competitive position and underwriting losses, the company is actively addressing these as part of its long-term growth strategy.By proactively focusing on these areas, Lasaco Assurance Plc is positioning itself for sustained success and further strengthening its position in the Market.

Looking forward, Lasaco Assurance Plc is poised for even greater financial strength, with a finalized capital injection expected to bolster its capabilities further. This injection will undoubtedly enhance the company’s ability to continue delivering top-tier insurance services and meet its obligations.

This reaffirmation by GCR serves as a testament to Lasaco Assurance Plc’s unwavering dedication to excellence and its pivotal role as a leading force in the Nigerian insurance landscape. With a steadfast focus on delivering top-tier insurance services, the company remains committed to prioritizing the needs of its stakeholders, including customers, staff, investors, and the broader public.

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The official signing ceremony was performed by Lasaco Assurance plc’s board of directors, management team, professional partners, and financial advisors.

This capital raising exercise will strengthen Lasaco Assurance plc’s financial position within Nigeria’s insurance industry.

The Chairman, Mrs. Olateju Phillips, expressed optimism about Lasaco Assurance Plc’s future, emphasizing the importance of aligning the company’s strategies with dynamic market conditions to maintain a strong market presence.

The meeting marked a significant milestone in reaffirming long-term goals, with a clear focus on fostering sustainable growth and providing exceptional value to clients and stakeholders.

The Managing Director, Mr. Razzaq Abiodun, expressed enthusiasm about this significant achievement, emphasizing its strategic importance for the organization.

He highlighted that the capital raised will enhance Lasaco Assurance’s market share, strengthen its competitive edge, and sustain the company’s enduring legacy. The funds have been carefully allocated to critical areas, ensuring maximum impact and supporting sustained growth. This move, he noted is to position the company for greater success and reaffirm its readiness for future opportunities.

He further emphasized that the additional capital will strategically position the company for future recapitalization process as Lasaco Assurance Plc is poised to ever remain not just competitive but also compliant and financially stable.

Engineer Sani Ndanusa, an independent director, highlighted the company’s potential to achieve its targets within the set timeframe despite the challenging business environment.

He emphasized that all parties involved, including the Nigerian Exchange Group (NGX), SEC, NAICOM, and, stakeholders should work in the best interest of the company and its shareholders.

Mr. Saliu Adeniyi, Non-Executive Director, remarked that the additional capital raise will enable the company to compete more aggressively, specifically in oil and gas sector.

With the capitalization boost, Lasaco Assurance Plc is ready to pursue diverse business opportunities and maintain its enviable position within the insurance market.

He also emphasized that raising additional capital was driven by the desire to grow the business, not regulatory pressures, highlighting the company’s proactive approach to growth.

The Completion Board Meeting also reviewed Lasaco Assurance Plc’s recent accomplishments and discussed upcoming projects to ensure they align with the company’s long-term vision.

Discussions covered market expansions, new product development, and innovations designed to solidify the company’s position in the Nigerian insurance sector.

The board and executive management are committed to driving the company toward sustained success by focusing on innovation, improving service delivery, and expanding its market share.

With the completion of recapitalization exercise, the board and management remains dedicated to pursuing future-oriented strategies to meet the evolving needs of its clients.

With the newly raised capital and a solid three-year plan in place, Lasaco Assurance Plc is poised to lead the industry into its next growth phase, delivering exceptional value to clients, partners, and shareholders.

The post Lasaco Assurance Concludes N11.1bn Capital Raise appeared first on Business Today NG.

Held between August 10 to 18, 2024 in Apapa, Lagos State, RYLA 2024 brought together young adults at a crucial juncture in their lives, guiding them through the transition from adolescence to adulthood. The event offered a unique platform to develop life skills that extend beyond traditional education. Participants not only prepared for personal success but also acquired the tools to make significant contributions to society.

Lasaco Assurance Plc acknowledged the importance of nurturing leadership to shape the future and thus supported RYLA 2024. In an era of rapid change, leading with vision, empathy, and resilience is essential. Lasaco Assurance Plc’s involvement in this initiative laid the groundwork for a new generation of leaders, equipping them to address future challenges effectively. The company’s commitment to leadership development for young people was not only a dedication to their futures but also a strategic effort to strengthen the communities they will serve.

This commitment aligns seamlessly with Lasaco Assurance Plc’s broader dedication to growth, development, and empowerment. By investing in initiatives that foster these values, the company actively contributes to societal advancement. Lasaco Assurance Plc’s support for RYLA 2024 underscores its unwavering dedication to nurturing potential and driving positive change through targeted support and collaboration.

The impact of RYLA 2024 extends beyond the immediate benefits to its participants. As these young adults return to their communities, they bring with them a wealth of knowledge, skills, and inspiration from the program, creating a ripple effect of positive influence. Recognizing that true leadership involves making a difference in others’ lives, Lasaco Assurance Plc understood the value of initiatives like RYLA in developing leaders ready to contribute meaningfully to their communities and beyond. By partnering with other dedicated sponsors, Lasaco Assurance Plc proudly supported RYLA 2024 and played a vital role in shaping the leaders of tomorrow.

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The event, held at LAWMA Headquarters in Ijora Olopa, Lagos, showcased the impact the insurance industry has on society.

The event was held to contribute to the protection of the workers in their daily activities.

The Executive Director of Post Assurance Brokers Ltd., Mr. Omotayo Balogun, applauded the insurance companies for their contributions, emphasising the importance of protective wear in safeguarding the lives of street sweepers and contributing to society.

Lasaco Assurance aims to provide quality service and products to its customers and community.

This is one step fulfilled by providing Lasaco -branded vests to LAWMA street sweepers at the event.

The vests significantly increase the visibility of the street sweepers, reducing the risk of accidents and ensuring they can carry out their duties safely.

This initiative is part of Lasaco Assurance’s broader commitment to corporate social responsibility and community support.

The vests symbolise the recognition and appreciation of the sweepers’ hard work.

They are a testament to the value Lasaco Assurance places on enhancing public services and ensuring the safety and welfare of workers.

Insurance companies play a vital role in society by providing financial protection and risk management, which help individuals lessen the financial impact of unforeseen events such as accidents, illnesses, and natural disasters.

The companies also contribute to society’s well-being through support and community outreach.Insurance promotes social development by enabling individuals to undertake activities and investments they might otherwise avoid due to risk.

Lasaco Assurance actively contributes to social welfare by supporting public services and investing in community welfare projects, further enhancing the quality of life for workers. 

Lasaco Assurance is committed to both individual security and broader development. Its contributions to risk management, financial stability, and social welfare make it a cornerstone of a resilient and prosperous society.

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