Business
Lasaco Assurance Q1 2026 Profit Jumps to ₦2.36bn on Improved Efficiency
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.
FCMB Group deployed a mix of strategies, including top-line expansion and cost management, to deliver a 90.5 per cent increase in net profit for the six months to June, compared with a year earlier, the latest accounts of the bank holding company published on Monday showed.
Gross earnings climbed to N676.2 billion from N529.2 billion, with 88.8 per cent of it solely contributed by interest and discount income, setting the scene for the big earnings boost, which was partly driven by a reduction in some major expenses.
Cost-to-income ratio dropped to 41.4 per cent from 57 per cent one year prior, strengthening earnings.
FCMB Limited, the group’s commercial banking division, continued to dominate performance across key income streams and accounted for more than three-quarters of post-tax profit.
The other divisions, including Credit Direct, its consumer lending business that offers payroll-based loans to customers, are all currently profitable, contributing their share to the bottom line.
The financial institution managed to scale back interest expense by 2.7 per cent (N6.8 billion), even as interest and discount income rose by up to 31 per cent, attributable to an improved low-cost deposit mix and lower cost of funds.
That was a lever for a jump in net interest income from N207.4 billion to N356.3 billion.
In a separate statement on Monday, FCMB Group highlighted the role of its digital business – comprising payments, lending and wealth – in driving turnover growth. It noted that digital revenue, at N89.1 billion, added 13.2 per cent to gross earnings due to volume growth.
“Our first-half performance demonstrates the strength of our recapitalised and diversified business model,” said Ladi Balogun, the CEO.
“We delivered record profitability despite accelerating the normalisation of asset quality towards regulatory thresholds, reflecting our commitment to building a stronger balance sheet for long-term growth,” he added.
Net fee and commission improved by almost one-third, enabled by both a rise in fee and commission income and a drop in related expenses.
Net trading income took a blow from sharply weaker bond and treasury bills trading income, falling 65.7 per cent year on year.
READ ALSO: Aradel, NEM, FCMB Group top stock pick this week
Likewise, impairment losses quickened to N85.9 billion from N36.2 billion, as the provision for other losses, apart from those on loans and advances, surged 2,427.6 per cent to N48.1 billion.
Profit before tax roughly doubled to N157.3 billion, while profit for the period stood at N139.9 billion, up from N73.4 billion in the same period last year.
Mr Balogun assured that return on equity will surpass 25 per cent this year, compared with 21.1 per cent for the financial year 2025.
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