Policyholders who suffered mishaps on their insured risks in 2024 were compensated to the tune of N13.1 billion by Lasaco Assurance Plc.

This comes as the insurer has raised an additional N11.1 billion in a move to meet the July 2026 recapitalisation deadline.

Hence, its claimants were paid after they suffered losses on their insured assets and lives, respectively, in a move by the insurer to return the policyholders to the financial positions they were in before the mishaps.

The N13.1 billion claims paid represented over 50 per cent of the N22. 82 billion in insurance revenue was generated in its 2024 financial year.

This payment is, however, a significant improvement over the N6.54 billion paid in its 2023 financial year.

Speaking during the company’s 45th yearly general meeting in Lagos, the Chairman, Teju Phillips, disclosed to shareholders that the firm’s insurance revenue rose to N22.82 billion, representing a 25 per cent increase from N18.29 billion realised in 2023.

She attributed the growth to market penetration and enhanced customer engagement.

Its profit after tax (PAT) rose to N1.54 billion, reflecting an 18 per cent increase from N1.31 billion within the period under review. She added that the achievement underscores the company’s disciplined cost optimisation and operational efficiency.

To strengthen the company, she said, Lasaco Assurance raised N11.1 billion through a private placement, adding 9.25 million shares to its existing shares to enable it to perform and compete better in the insurance industry.