Lasaco Assurance Plc has recorded 81.5 per cent growth in profit to N2.36 billion for the quarter ended March 31, 2026.

This was compared with N1.30 billion reported for the same period under review in 2025, according to the company’s unaudited results for the first quarter of the year, a statement said on Wednesday.

According to the company, this reinforced its position as one of the more resilient players in Nigeria’s insurance sector.

It said the significant increase underscored improved operational efficiency, stronger underwriting performance, and disciplined execution of its growth strategy.

A major highlight of the results was the improvement in insurance service results, which rose by 119.6 per cent to N4.22 billion from N1.92 billion in the first quarter of 2025.

Similarly, net insurance and investment results grew by 74.7 per cent, reaching N5.14 billion, up from N2.94 billion in the prior year.

According to the company, this growth highlighted its ability to effectively balance underwriting income with investment returns, even in a dynamic economic environment.

On the balance sheet, Lasaco Assurance recorded an increase in total assets of 16.6 per cent to N46.20 billion from N39.63 billion as at March 2025.

This growth was driven by improved liquidity and asset accumulation, with cash and cash equivalents rising by 24.5 per cent to N18.45 billion from N14.82 billion, providing a solid buffer for underwriting and claims obligations.

Reinsurance contract assets also grew by 34.9 per cent, 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 N573 million in December 2025 to a positive N1.55 billion in the first quarter of 2026.

This reinforced improved earnings quality and signalled a stronger foundation for future growth and dividend potential.

Earnings per share also increased by 81.5 per cent, rising to 21.29 kobo from 11.73 kobo, reflecting enhanced profitability and efficient capital utilisation.

Although operating expenses rose by 30.3 per cent to N1.81 billion, this was largely driven by strategic investments in operations and growth initiatives.

The statement said, “Importantly, revenue growth and improved margins significantly outpaced cost increases, resulting in a stronger overall profitability position. The company’s first quarter performance builds on its ongoing strategic initiatives.

“This includes product innovation, enhanced customer engagement, and operational optimisation. These efforts are clearly translating into measurable financial gains, positioning Lasaco Assurance 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. This reinforced investor confidence and its long-term growth trajectory within Nigeria’s evolving insurance landscape.” 

(NAN)