Lasaco Assurance Generates 39.40% Revenue Growth in Q3’2024

Lasaco Assurance Plc reported a 39.04 percent year-on-year rise in gross premium written to N20.06 billion for the third quarter of 2024, with solid revenue growth across the business.

The company that is taking advantage of the potential in the economy saw profit after tax (PAT) rise by 76.15 percent to N1.44 billion as of September 2024, which means the insurer has enough earnings to pay dividends to shareholders who have taken the risk to invest their money in the business.

Net investment results which supported bottom line (profit) growth were up 95.90 percent to N4.31 billion, thanks to the contributions of foreign exchange gains.

It appears the owners of Lasaco Assurance have injected capital into the business so as to enhance market share and strengthen the firm’s competitive edge.

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The company has successfully concluded its capital raising initiative, securing N11.1 billion via a private placement of 9.25 billion ordinary shares at 1.20k per share.

“Aligning our strategies with dynamic market conditions is crucial to maintaining a strong market presence. This capital raise marks a significant milestone in our journey towards sustainable growth and exceptional value for our clients and stakeholders,” said Olateju Phillips, Chairman of the company.

Shareholders are optimistic that the capital raise would enable Lasaco to compete more aggressively, particularly in the oil and gas sector.