The insurer revealed this in its unaudited financial results released for the year ending 31st December 2024, showcasing significant growth across key financial metrics with its revenue reaching N22.6 billion.
The financial report also showed the underwriter’s net investment result of N8.77 billion as demonstrated by its stock performance, which has experienced consistent significant growth.
The performance highlights the company’s strong growth trajectory and solid financial health, making it a compelling choice for investors.
The group’s total assets reached N30.47 billion, while liabilities amounted to N18.42 billion, reflecting sound financial management.
The shareholders’ fund of N12.05 billion provides a strong foundation for operations, with the recent private placement set to double the figure to over N22 billion.
Reflecting on the performance in 2024, the Chief Financial Officer, Akinwale Sofile, said: “The 44 per cent growth in profit after tax is a testament to the hard work, dedication, and commitment of our team, as well as our ability to adapt to ever-evolving market conditions. Despite external challenges, we have driven significant growth across our core business and investment activities.
“The strong performance reinforces the foundation we have built over the years and will also position us for even greater success in the future. We remain focused on sustaining this positive momentum, pursuing innovative strategies, and delivering long-term value for our shareholders and customers. We are committed to further strengthening Lasaco Assurance’s financial stability, expanding, and penetrating our market reach.”
