Lasaco Assurance Plc has reported a strong financial performance for the first quarter ended March 31, 2026, posting an 81.5 percent increase in profit to N2.36 billion, compared to N1.30 billion recorded in the corresponding period of 2025.
The company disclosed this in its unaudited Q1 financial results released on Wednesday, highlighting continued momentum driven by operational efficiency and strategic execution.
Strong Earnings and Operational Performance
The insurer recorded significant improvements across key performance indicators. Insurance service results rose by 119.6 percent to N4.22 billion, up from N1.92 billion in Q1 2025, reflecting stronger underwriting outcomes.
Net insurance and investment results also increased by 74.7 percent to N5.14 billion, compared to N2.94 billion in the prior year. This growth underscores the company’s ability to effectively balance underwriting income with investment returns despite a challenging economic environment.
Balance Sheet Expansion and Liquidity Growth
Total assets grew by 16.6 percent to N46.20 billion, up from N39.63 billion as of March 2025. The expansion was largely driven by improved liquidity and asset accumulation.
Cash and cash equivalents rose by 24.5 percent to N18.45 billion, providing a strong buffer to meet underwriting and claims obligations. In addition, reinsurance contract assets increased by 34.9 percent, indicating enhanced risk-sharing capacity and more robust underwriting activity.
Shareholder Value and Profitability Metrics Improve
The company recorded a notable turnaround in retained earnings, moving from a deficit of N573 million in December 2025 to a positive N1.55 billion in Q1 2026. This reflects improved earnings quality and strengthens the company’s foundation for future growth and potential dividend payouts.
Earnings per share increased by 81.5 percent to 21.29 kobo, up from 11.73 kobo, demonstrating improved profitability and efficient capital utilisation.
Costs Rise, but Growth Outpaces Expenses
Operating expenses rose by 30.3 percent to N1.81 billion, primarily due to strategic investments aimed at supporting growth initiatives and operational expansion.
However, revenue growth and improved margins significantly outpaced the increase in costs, resulting in stronger overall profitability.
Outlook for 2026
The company noted that its performance builds on ongoing strategic initiatives, including product innovation, enhanced customer engagement, and operational optimisation.
With double-digit growth across major metrics and a strengthened balance sheet, Lasaco Assurance Plc appears well-positioned to sustain its growth trajectory throughout the 2026 financial year, reinforcing investor confidence in Nigeria’s evolving insurance sector.
