L-R: Rilwan Oshinusi, deputy managing director, Corporate Service, Lasaco Assurance Plc; Ademoye Shobo, executive director, Technical; Ademola Oshodi, director; Biodun Dosunmu, director; Mrs. Gertrude Olutekunbi, company secretary; Mrs. Maria Olateju Phillips, chairman; Razzaq Abiodun, managing director; Fola Tinubu, director, and Tobi Lawal, non-executive director, during the company’s 25th Annual General Meeting (AGM) held in Lagos on Thursday, October 23, 2025
Despite Nigeria’s tough economic climate, Lasaco Assurance Plc delivered an impressive performance in 2024, reinforcing its reputation for reliability and sound financial management. The insurer disbursed ₦13.19 billion in claims during the year, underscoring its dedication to customer satisfaction and policyholder protection.
Speaking at the company’s 25th Annual General Meeting (AGM) in Lagos, Mrs. Maria Olateju Phillips, Chairman of Lasaco Assurance, highlighted that the claims payment reflects the company’s financial resilience and commitment to fulfilling its promises.
“Settling ₦13.19 billion in claims amid current economic headwinds demonstrates the strength of our balance sheet, prudent risk management, and unwavering customer focus,” she stated.
Lasaco’s 2024 financial results showed solid growth, with insurance revenue climbing 25% to ₦22.82 billion, compared to ₦18.29 billion in 2023. The firm also recorded a Profit After Tax (PAT) of ₦1.54 billion, marking an 18% increase from ₦1.31 billion in the prior year.
Mrs. Phillips attributed this performance to enhanced market penetration, stronger customer engagement, and disciplined cost control. She added that despite inflationary pressures and higher regulatory expenses, Lasaco’s total assets rose 13% year-on-year to ₦30.94 billion, strengthening the company’s liquidity and capacity to meet policyholder obligations.
To further boost its capital base and competitiveness in the insurance sector, Lasaco completed a ₦11.1 billion private placement, issuing 9.25 million additional shares.
Looking ahead, the Chairman outlined the company’s strategy for 2025 and beyond, focusing on digital transformation, innovation, and sustainability as key pillars for growth.
She revealed that Lasaco is investing in advanced software systems and omnichannel customer engagement tools to improve service delivery, while expanding its retail insurance portfolio through new products and strategic alliances.
“We are not just responding to change—we are shaping the future,” Mrs. Phillips emphasized. “With our clear vision, solid financial foundation, and commitment to excellence, Lasaco Assurance Plc is well positioned to set new standards in Nigeria’s insurance industry.”
Mrs. Phillips also expressed gratitude to shareholders, regulators, employees, and customers for their continued confidence, assuring them that the company remains dedicated to creating long-term value and delivering on its brand promise.
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