LASACO Assurance Plc has retained its A(NG) national-scale financial strength rating for the 2025/2026 period, with Global Credit Rating Co. (GCR) maintaining a stable outlook for the Nigerian insurer.
The rating affirmation reflects the company’s capital position, liquidity profile and efforts to strengthen its underwriting capacity amid competition and changing conditions in Nigeria’s insurance industry.
LASACO Assurance’s performance was supported by an increase in its capital base following a capital injection during the year, which the company said had improved its ability to underwrite larger and higher-value risks.
The insurer also recorded a 35.2 per cent increase in insurance revenue to N30.8 billion in the previous year, driven by growth across its business segments.
The revenue performance highlights the company’s efforts to expand its business operations and improve its market position despite pressures affecting underwriting performance.
Capital Injection Strengthens Underwriting Capacity
The additional capital has strengthened LASACO Assurance’s financial position and enhanced its capacity to take on a broader range of insurance risks.
The company has continued to pursue initiatives aimed at expanding its retail customer base, increasing digital adoption and building strategic partnerships to support business growth.
These measures form part of its broader efforts to improve operational efficiency, strengthen customer engagement and reinforce its competitiveness in Nigeria’s insurance market.
However, underwriting profitability remains an area of focus as the insurer works to balance business expansion with effective risk management.
Shobo Welcomes Rating Affirmation
Commenting on the rating affirmation, LASACO Assurance’s Managing Director, Ademoye Shobo, expressed satisfaction with the recognition of the company’s financial strength and operational resilience.
He said the rating reflected the collective efforts of the company’s workforce while reaffirming management’s commitment to improving performance.
“LASACO Assurance is proud of this recognition, which validates the hard work and resilience of our team. Nonetheless, we remain fervently committed to continuous improvement and are actively working to elevate our rating through enhanced underwriting practices, operational excellence, and strategic growth,” Shobo said.
The managing director’s remarks underscored the company’s intention to build on its current financial position while pursuing further improvements in its rating.
Insurer Targets Sustainable Growth
LASACO Assurance said its strengthened capital base and improved liquidity coverage provide a foundation for pursuing sustainable growth over the rating outlook period.
The company is also focusing on improving underwriting practices and operational performance to support long-term profitability and deliver value to policyholders.
Its strategy includes widening insurance access through retail market expansion, leveraging digital solutions and developing partnerships that could support greater market penetration.
The latest rating affirmation provides an external assessment of the company’s financial strength, although the stable outlook does not eliminate the risks associated with underwriting performance and broader market conditions.
As competition intensifies in Nigeria’s insurance sector, LASACO Assurance’s ability to sustain revenue growth, manage claims exposure and improve underwriting profitability will remain important to its long-term performance.
The company said it would continue pursuing operational improvements and strategic growth initiatives as it seeks to strengthen its market position and contribute to the development of Nigeria’s insurance industry.
