Lasaco Assurance Plc has successfully completed its capital-raising programme, securing N19.3 billion in fresh capital, exceeding its initial fundraising target of N18.47 billion by about 4.5 per cent.
The successful exercise positions the insurer among the companies that have met the recapitalisation requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and underscores growing investor confidence in Nigeria’s insurance sector.
According to the company, the capital raise is the largest amount mobilised by an insurance company in Nigeria as part of the industry’s recapitalisation programme, reflecting strong support from existing shareholders, institutional investors and other market participants.
The additional capital is expected to strengthen Lasaco’s balance sheet and provide the financial capacity needed to pursue its long-term growth strategy. The company said the proceeds will be invested in expanding operational capacity, accelerating digital transformation initiatives and enhancing its product and service offerings.
Management noted that the strengthened capital base will also improve the insurer’s underwriting capacity, enabling it to assume larger and more complex risks while maintaining strong solvency levels. The increased financial strength is expected to support faster claims settlement, improved customer service and greater operational efficiency.
Beyond meeting regulatory capital requirements, Lasaco said the fresh funds will allow it to invest in technology-driven insurance solutions, modernise underwriting and claims management processes, and develop products tailored to the evolving needs of retail and corporate customers.
The company also believes the enhanced capital position will enable it to expand into underserved segments of the insurance market, supporting broader financial inclusion while strengthening its competitive position within the industry.
The fundraising comes at a pivotal time for Nigeria’s insurance sector following the conclusion of the National Insurance Commission’s recapitalisation exercise under NIIRA 2025. The reforms are aimed at creating financially stronger insurers with greater capacity to underwrite large risks, improve policyholder protection and contribute more effectively to national economic development.
Lasaco described the successful capital raise as more than a regulatory achievement, saying it provides a solid platform for the company’s next phase of growth and reinforces its commitment to creating sustainable value for policyholders, shareholders, employees and business partners.
With a stronger capital base and renewed investor confidence, the insurer said it is well positioned to capitalise on emerging opportunities in the market while supporting the continued transformation of Nigeria’s insurance industry.
