Lasaco Assurance Plc recorded an 81.5 per cent growth in profit to N2.36 billion for the quarter ended March 31, 2026.
This represents a significant increase from N1.30 billion reported in the same period of 2025.
The company disclosed this in a statement on Wednesday, as contained in its unaudited first-quarter results.
According to the company, the strong performance reinforces its position as one of the most resilient players in Nigeria’s insurance sector.
It said the significant increase was driven by improved operational efficiency, stronger underwriting performance, and disciplined execution of its growth strategy.
A major highlight was the insurance service result, which rose by 119.6 per cent to N4.22 billion from N1.92 billion in Q1 2025.
Similarly, net insurance and investment results grew by 74.7 per cent to N5.14 billion, compared to N2.94 billion in the prior year.
The company noted that this growth highlights its ability to effectively balance underwriting income with investment returns in a challenging economic environment.
On the balance sheet, total assets expanded by 16.6 per cent to N46.20 billion from N39.63 billion as at March 2025.
This was driven by improved liquidity, with cash and cash equivalents rising by 24.5 per cent to N18.45 billion from N14.82 billion.
Reinsurance contract assets also increased by 34.9 per cent, reflecting stronger risk-sharing capacity.
From a shareholder perspective, retained earnings turned around remarkably — moving from a negative N573 million in December 2025 to a positive N1.55 billion in Q1 2026.
Earnings per share rose by 81.5 per cent to 21.29 kobo from 11.73 kobo.
Although operating expenses increased by 30.3 per cent to N1.81 billion, this was mainly due to strategic investments in operations and growth initiatives.
The statement reads: “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, including 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.”
