LASACO Assurance Plc has retained its A(NG) national scale financial strength rating for the 2025/2026 rating period, following an affirmation by Global Credit Rating Co. (GCR), which maintained a stable outlook for the insurance company.
The rating affirmation reflects LASACO Assurance’s strong capitalisation, adequate liquidity and continued efforts to strengthen its operations in Nigeria’s competitive insurance sector. It also highlights the company’s financial position and capacity to support its underwriting activities while pursuing further growth.
According to the company, its risk-adjusted capital base received a significant boost from a capital injection during the year, improving its ability to underwrite larger and higher-value risks. The stronger capital position is expected to support its business expansion and enhance its capacity to meet the needs of policyholders.
LASACO Assurance also recorded a 35.2 per cent increase in insurance revenue to N30.8 billion in the previous year. The growth was supported by improved performance across its various business lines, reflecting wider contributions from its insurance operations.
Despite these gains, the company continues to face challenges relating to underwriting performance. It is, however, pursuing strategic measures to improve profitability, expand retail insurance penetration and increase the adoption of digital solutions across its operations.
The insurer is also leveraging strategic partnerships to strengthen its market position, reach more customers and improve the delivery of its products and services. These initiatives form part of its broader efforts to build a more competitive and sustainable business.
Commenting on the rating affirmation, Managing Director, Ademoye Shobo, expressed satisfaction with the recognition, describing it as an acknowledgement of the resilience and hard work of the company’s team.
Shobo said the affirmation reflected the progress made by the company but stressed that LASACO Assurance would continue working to achieve a higher rating.
He said the company remained committed to improving its underwriting practices, strengthening operational efficiency and pursuing strategic growth opportunities to enhance its overall financial performance.
LASACO Assurance said its strengthened capital base and improved liquidity coverage had positioned it to pursue sustainable growth over the rating outlook period. These financial improvements are expected to support its ability to manage risks and respond to changing conditions in the insurance market.
The company added that its priorities include delivering greater value to policyholders, expanding its market share and improving underwriting profitability. It also aims to contribute to the continued development of Nigeria’s insurance industry by strengthening its operations and extending its reach.
The latest affirmation by GCR reinforces LASACO Assurance’s position as an insurer focused on financial stability, operational improvement and long-term growth. The company said it would continue to build on its progress while pursuing measures to improve service delivery and strengthen its competitiveness in the market.
SOURCE: THE NATION
