Business

Lasaco Assurance Q1 2026 Profit Jumps to ₦2.36bn on Improved Efficiency

Published

4 months ago

May 6, 2026

Preport

BY NECHI NAECHE-ESEZOBOR—Lasaco Assurance Plc has begun the 2026 financial year on a strong note, reporting a significant rise in profitability for the first quarter.

The company’s profit after tax climbed to ₦2.36 billion, reflecting an 81.5% increase compared to the same period in 2025.

This impressive performance was driven by improved operational efficiency, stronger underwriting results, and enhanced investment income, underscoring the insurer’s continued focus on disciplined growth and value creation within Nigeria’s insurance sector.

A major highlight of the results is the sharp improvement in insurance service results, which rose by an impressive 119.6% to ₦4.22 billion from ₦1.92 billion in Q1 2025. This reflects enhanced risk selection, better claims management, and a more profitable insurance portfolio.

Similarly, net insurance and investment results grew by 74.7%, reaching ₦5.14 billion compared to ₦2.94 billion in the prior year. This growth highlights the company’s ability to effectively balance underwriting income with investment returns, even in a dynamic economic environment.

On the balance sheet, Lasaco Assurance Plc recorded a strong expansion in total assets, which increased by 16.6% to ₦46.20 billion from ₦39.63 billion as at March 2025. This growth was driven by improved liquidity and asset accumulation, with cash and cash equivalents rising by 24.5% to ₦18.45 billion from ₦14.82 billion, providing a solid buffer for underwriting and claims obligations.

Reinsurance contract assets also grew significantly by 34.9%, indicating increased risk-sharing capacity and stronger underwriting activities.

From a shareholder value perspective, retained earnings recorded a remarkable turnaround, moving from a negative position of ₦573 million in December 2025 to a positive ₦1.55 billion in Q1 2026. This reinforces improved earnings quality and signals a stronger foundation for future growth and dividend potential.
Earnings per share also increased by 81.5%, rising to 21.29 kobo from 11.73 kobo, reflecting enhanced profitability and efficient capital utilization.

Although operating expenses rose by 30.3% to ₦1.81 billion, this was largely driven by strategic investments in operations and growth initiatives. Importantly, revenue growth and improved margins significantly outpaced cost increases, resulting in a stronger overall profitability position.

The company’s Q1 performance builds on its ongoing strategic initiatives, including product innovation, enhanced customer engagement, and operational optimization. These efforts are clearly translating into measurable financial gains, positioning Lasaco Assurance Plc 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, reinforcing investor confidence and its long-term growth trajectory within Nigeria’s evolving insurance landscape.

The post Lasaco Assurance Q1 2026 Profit Jumps to ₦2.36bn on Improved Efficiency appeared first on Business Today NG.

Related Topics:2.36bn Assurance Efficiency Improved Jumps Lasaco Profit

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Business

Leadway Backs ISSP to Deepen Insurance Penetration, Consumer Trust

Published

5 hours ago

September 11, 2026

Preport

Leadway Assurance Limited has launch Insurance Sector Strengthening Programme (ISSP), a five-year initiative.

The programme, held in Abuja, was designed to address key challenges limiting insurance growth in Nigeria, including low public awareness, weak consumer confidence, inadequate distribution, capacity constraints, and limited insurance adoption among women, young people, and Micro, Small and Medium Enterprises (MSMEs).

Speaking at the launch in Abuja, the Commissioner for Insurance and Chief Executive of NAICOM, Mr Olusegun Ayo Omosehin, said the programme would provide a coordinated framework to translate industry reforms into measurable improvements in insurance coverage and consumer confidence.

“The ISSP initiative will focus on six key areas: advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and MSME and value-chain development. Efforts to expand insurance coverage must be supported by strong underwriting standards, good corporate governance, effective claims administration, transparency and adequate policyholder protection. Regulation must serve as both a shield for policyholders and a compass for responsible market development.”

Also, the Head, Commercial Division, Leadway Assurance, Mr. Olawale Alao, described the ISSP as a timely intervention capable of tackling both the structural and perception-related challenges confronting the industry.
Alao said the programme offered stakeholders a structured platform to identify market gaps and develop practical solutions to improve public understanding and participation.

He said its success would largely depend on changing the perception of insurance from an optional financial product to an essential part of everyday life and financial planning.’

“Over the next five years, we believe this initiative can deepen awareness, particularly among young Nigerians, build stronger trust in the sector and encourage more people to see insurance as an essential tool for protection and financial resilience,” he said.

”Increasing the number of policyholders alone would not be sufficient, stressing that Nigerians must also understand the value of insurance and be able to incorporate it into their everyday financial decisions. He added that stronger awareness and confidence in insurance would be particularly important among younger Nigerians, who represent a major part of the country’s future consumer and investment base.Also speaking on this initiative, Team Lead of the ISSP Design Team and Managing Director of EMDI Capacity Development Ltd., Bukola Ifemade, called for urgent and coordinated action to unlock the trillion-naira potential of Nigeria’s insurance sector.

“This flag-off marks the beginning of this mobilisation. Success will require strong partnerships and a sustained commitment to innovation and inclusion,” he said.

The ISSP executive summary estimates that only about five per cent of Nigeria’s population currently has insurance coverage, while 78 per cent lack basic insurance knowledge. Women account for 32 per cent of policyholders, people aged 18 to 35 make up less than 20 per cent of the industry’s customer base, and insurance penetration among MSMEs is estimated at eight per cent. To address these gaps, the programme will target five million members of the general population, two million women entrepreneurs and decision-makers, 1.5 million young Nigerians and 250,000 MSMEs across Nigeria.

For Leadway, supporting the ISSP aligns with its commitment to building a formidable insurance industry by enhancing awareness, building consumer confidence, and making financial protection more accessible to individuals, families, and businesses.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost non-banking financial services groups, offering diversified solutions across insurance, pensions, health, and asset management. Founded in 1970, the company has built a legacy of trust and innovation, serving millions of individuals and businesses across Nigeria and West Africa.

The post Leadway Backs ISSP to Deepen Insurance Penetration, Consumer Trust appeared first on Business Today NG.

Business

CBN disowns purported $46 billion grant approval

Published

13 hours ago

September 10, 2026

Preport

The Central Bank of Nigeria (CBN) has disowned a purported document claiming that Governor Yemi Cardoso approved a $46 billion developmental grant to an organisation.

CBN, in a post on its official X account on Thursday, described the document as “fake” and urged members of the public to disregard it.

The purported letter, dated 13 August 2026, was addressed to the “Atufeg Empowerment and Development Centre” and claimed to be an official endorsement and authorisation for the release of a developmental grant.

It purportedly bore Mr Cardoso’s signature and stated that CBN had authorised the immediate transfer of $46 billion to the beneficiary’s designated account for the execution of “approved national empowerment and developmental projects.”

“The CBN confirms full endorsement and authorises the immediate transfer of these funds to the beneficiary’s designated account,” the purported letter stated.

It further claimed that the authorisation was “final and binding.”

Disclaimer

However, the apex bank, while sharing an image of the document on X, said: “This content is FAKE. Let the public be guided.”

CBN’s disclaimer comes amid the recurring circulation of purported government and financial institution documents on social media, underscoring the importance of verifying such claims through official channels before acting on them.

In recent months, OPay Digital Services Limited, May & Baker, MTN, Wema Bank and other corporate organisations have dissociated themselves from social media posts published by unauthorised entities impersonating their brands and issuing purported corporate messages.

On Thursday, the Nigeria Police Force National Cybercrime Centre (NPF-NCCC) announced that it had arrested Hafsat Abubakar for circulating false rumours about the OPay shutdown.

Similarly, in July, PREMIUM TIMES uncovered how unauthorised video advertisements on TikTok, offering financial assistance such as grants, loans, giveaways, and investment opportunities, were used to scam Nigerians.

The investigation found that the fraudulent ads, some of which were AI-generated, were designed to target and lure unsuspecting Nigerian users into scams.