Lasaco Assurance rating affirmed at A(NG) for third year running, backed by stronger capital, liquidity, and technology adoption

Lasaco Assurance rating has once again been affirmed at A(NG) with a Stable Outlook by Global Credit Rating (GCR), marking the third consecutive year of the insurer holding this position — a feat underpinned by capital strength, liquidity, and improved underwriting discipline.

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This renewed affirmation reinforces Lasaco’s financial resilience and operational strategy, which has focused heavily on prudent underwriting, technological transformation, and expanding its retail footprint.

The positive rating reflects Lasaco’s sound risk-adjusted capitalisation, with a significant ₦10.8 billion capital injection via private placement helping to bolster the firm’s shareholders’ fund to ₦22.1 billion as of June 30.

This represents an 80.2% increase and lifts the capital adequacy ratio to 3.6x, highlighting improved loss-absorbing capacity and resilience in the face of market shocks.

Liquidity also remains a standout for the underwriter. As of mid-2025, 67.2% of Lasaco’s investment portfolio was made up of cash and liquid assets, positioning the firm well to meet policyholder obligations and fund future growth.

In 2024, Lasaco’s insurance revenue surged by 24.8%, reaching ₦22.8 billion, driven by diversified business lines and a customer-centric model that continues to win market confidence.

The company’s subsidiaries — Lasaco Trading and Investment Limited and Lasaco Properties Limited — have also contributed to strengthening the insurer’s balance sheet and broadening its revenue base.

In a statement, Lasaco reaffirmed its vision to embrace digital transformation, enhance customer service delivery, and deepen its presence in Nigeria’s retail insurance market.

“Sustaining this rating for the third consecutive year reflects not just our financial position, but our continued investment in systems, people, and platforms that enhance performance,” the company said.

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With the insurance sector undergoing rapid change, Lasaco’s strategy of combining operational efficiency with technological innovation continues to set it apart among mid-tier insurers.