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Tag: Lasaco Assurance Plc

  • Lasaco Assurance sets strategic focus to strengthen competitiveness and customer experience

    Lasaco Assurance sets strategic focus to strengthen competitiveness and customer experience

    Lasaco Assurance Plc has outlined a clear strategic direction aimed at strengthening its market position, improving execution, and delivering enhanced value to customers.

    This is coming as Nigeria’s insurance industry faces rising competition, evolving customer expectations, and increasing regulatory demands, insurance companies are repositioning to remain relevant and resilient.

    The strategic direction was communicated during the company’s recent staff retreat, where management engaged employees on the organisation’s priorities for the coming years and the need to strengthen operations, innovation, and service delivery in a changing insurance environment.

    Speaking at the retreat, the Acting Managing Director, Mr. Ademoye Shobo, said, “The company’s strategic priorities for the coming years will focus on modernising operations, fast-tracking digital adoption across service delivery, and developing insurance solutions that are better aligned with the realities of today’s customers.”

    He explained that these focus areas are central to improving accessibility, strengthening performance, and positioning the company for long-term competitiveness within the insurance sector.

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    Also addressing staff, the Deputy Managing Director, Mr. Rilwan Oshinusi, highlighted the importance of strong execution, collaboration, and disciplined implementation in translating strategy into measurable outcomes.

    Driven by this leadership direction, Lasaco Assurance Plc is strengthening its capacity to deliver simpler processes, more responsive service channels, and improved customer experiences, positioning the company to meet the evolving needs of policyholders in Nigeria’s insurance market.

  • Firm champions maternal health with Safe Start Initiative

    Firm champions maternal health with Safe Start Initiative

    Lasaco Assurance Plc has launched the Safe Start Initiative, a maternal health support programme aimed at promoting safer motherhood and reducing infant health risks in underserved communities.

    The initiative debuted at Ogba Primary Health Care Centre, Ikeja, where Lasaco Assurance Plc distributed maternity kits to new and expectant mothers. Each kit contained essential hygiene and childcare items, such as underlays, antiseptics, maternity pads, and baby diapers, to support proper care and hygiene after childbirth.

    The company also held an interactive session on insurance-backed education plans, encouraging mothers to secure their children’s future through early financial planning and practical savings strategies.

    Mojibola Sonibare, head of Underwriting, said the initiative goes beyond providing materials, as it is about empowering women with knowledge, care and foresight.

    “Every item was selected to ease the journey of motherhood. And through the session on insurance education plans, we help families see that securing their children’s future starts with simple, practical steps,” she said.

    She added that maternal and infant health are central to well-being, stressing that the initiative is part of Lasaco’s broader commitment to safer births and healthier beginnings for mothers and their babies.

    Adedayo Adetokun, head of Strategy, Research and Communications, described the initiative as a reflection of Lasaco’s long-standing philosophy of giving back to society through impactful social investments and community partnerships.

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    The event drew participation from community health officials and mothers who expressed heartfelt appreciation for the support. The event drew participation from community health officials and mothers who expressed heartfelt appreciation for the support. While many have described the initiative as a welcome relief amid rising healthcare and childcare costs, Oluseye Smart, Head, Corporate Communications, views it as a meaningful way of giving back to families, supporting the nurturing of newborns and promoting healthier homes.

    The Safe Start Initiative underscores Lasaco Assurance’s ongoing commitment to nurturing healthier families and communities as part of the ways the company demonstrates that its purpose extends beyond insurance.

    To conclude the programme, Mr. Adesoji Onaadepo, Head of Internal Audit, encouraged all mothers to care diligently for their children, describing them not only as the leaders of tomorrow but also as the enduring hope for the future.

  • LASACO Assurance inaugurates smart classroom

    LASACO Assurance inaugurates smart classroom

    As part of its commitment to corporate social responsibility and sustainable development, Lasaco Assurance Plc has officially commissioned a state-of-the-art “Lasaco Smart Class” in Agindigbi Junior Grammar School, Ikeja, Lagos state.

    The Smart Class initiative underscores Lasaco Assurance Plc’s drive to enhance digital literacy, bridge educational gaps, and promote technology-driven learning environments in underserved institutions.

    Fully equipped with modern digital tools, the facility is designed to empower students with 21st-century skills, preparing them to thrive in a rapidly evolving, technology-first world.

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    In addition to providing digital resources, the Lasaco Smart Class is also strategically positioned to instill the culture of insurance awareness in young learners, fostering early understanding of the role of insurance in financial security, risk management, and sustainable growth.

    Speaking at the unveiling, the representative of the Managing Director, Lasaco Assurance plc, Mr Sesan Oki (Head, Internal control and compliance) emphasised that the project represents more than a donation; it is an investment in the future of Nigeria’s next generation and the stimulation of insurance right from the grassroot.

    He said: “At Lasaco Assurance, we recognize that education and technology are the twin pillars of progress. The Lasaco Smart Class is not only a contribution to improved learning outcomes, but also a deliberate effort to nurture young minds with the values of foresight, security, and preparedness which insurance represents,” he stated.

    The launch of the Lasaco Smart Class marks the beginning of a broader CSR agenda focused on education, innovation, and community empowerment.

    By integrating digital literacy with insurance consciousness, Lasaco Assurance is reaffirming its leadership as a forward-thinking organization that goes beyond business to positively impact lives and build resilient communities.

  • Lasaco celebrates children, commits to youth empowerment

    Lasaco celebrates children, commits to youth empowerment

    lasaco Assurance Plc, through its Corporate Communications team, has celebrated Children’s Day, reinforcing the company’s commitment to youth empowerment, education, and community engagement.

     The team  visited  Agidingbi Primary School in Ikeja, Lagos State to motivate the children and distribute  educational supplies. It advised them to pursue their dreams with discipline, integrity, and determination.

    A company official, Muyiwa Anwoju, underscored Lasaco’s deep-rooted commitment to educational development in the state. “Children’s Day is a powerful reminder that every child deserves the opportunity to thrive. At Lasaco, we believe in investing in the future by supporting education and nurturing young minds,” he said.

    Chief Financial Officer, Bukola Moradeyo, added: “Our visit is more than a celebration—it’s an act of impact. We want these children to be seen, valued, and empowered to achieve greatness.”

    Adetokun Adedayo, head of Strategy, Research, and Communications, further noted the broader vision: “Lasaco Assurance Plc is not only committed to corporate growth but also to community development through education. We believe strong communities are built on the foundation of knowledge and opportunity.”

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    The team engaged the pupils in interactive sessions, sharing personal stories of resilience and achievement. It encouraged the children to be focused and strive for excellence. “You are leaders of tomorrow. What you learn and do today will shape your future and the future of Nigeria” .

    Headteacher, Mrs. Hussein, hailed Lasaco for its generosity and community spirit. She noted that the visit complements efforts by stakeholders in Lagos to build strategic partnerships that improve performance and create a nurturing learning environment.

    Lasaco also celebrated Children’s Day in its regional offices. In Port Harcourt, the Southsouth office visited State Primary School and Azuabie Primary School, donating educational materials. In Southwest, the team celebrated with Methodist Primary School in Ibadan, reinforcing the company’s dedication to uplifting children in communities.

    Lasaco Assurance remains steadfast in its corporate social responsibility efforts, with a core focus on education, youth empowerment, and sustainable community development. The company looks forward to deepening its engagement with schools across Nigeria, inspiring even more young minds in the years ahead.

    As Children’s Day is marked across the nation, Lasaco Assurance’s visit to Agidingbi Primary School—and similar initiatives in Port Harcourt and Ibadan—stands as a vibrant testament to the enduring power of corporate citizenship and the transformative value of investing in the next generation.

  • Lasaco pays N978.62m benefits to families of civil servants

    Lasaco pays N978.62m benefits to families of civil servants

    Lasaco Assurance Plc, with Lagos State and a consortium of underwriters and brokers, has paid N978.62 million in benefits to over 510 families of public servants. The event in Lagos, underscores the state’s commitment to supporting families of those who dedicated their lives to public service.

    Representing Lasaco were the company’s Managing Director, Razzaq Abiodun, General Manager of Business Development, Muyiwa Anwoju, and Assistant General Manager for Public Sector, Mrs. Ronke Babaita. Their presence highlighted the company’s commitment to providing financial security for civil servants in the state.

    At the ceremony, Commissioner for Finance, Abayomi Oluyomi, in conjunction with Abiodun and Anwoju, presented cheques to beneficiaries. Abayomi reaffirmed that the government is dedicated to the welfare of its civil servants and their families during and after their service.

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    Abiodun described the initiative as “an embodiment of protection, providing asset and welfare packages for the deceased and living members of the civil service in Lagos State.” His remarks were echoed by Femi Saheed, chairman of Lagos State House of Assembly Committee on Finance, who commended the state’s consistency in maintaining adequate insurance coverage for its workforce.

    Officials at the event urged beneficiaries to manage the funds cautiously, emphasising the importance of financial literacy to ensure the support serves its intended purpose. The event reinforced a powerful message to civil servants and their families, that they were not only protected, but valued, and acknowledged.

    The disbursement also reinforces Lasaco’s leadership in social impact and workforce protection. As a trusted insurer, Lasaco remains at the heart of public service initiatives, proving that insurance is not just paperwork, but vital in safeguarding lives and honouring legacies of workers.

  • Lasaco Assurance revenue rises by 24%

    Lasaco Assurance revenue rises by 24%

    Lasaco Assurance Plc unaudited financial results for the year ending December 31, 2024, shows significant growth.

    Its revenue reached N22.6 billion, while total assets for the year stood at N30.47 billion.

    Total liabilities amounted to N18.42 billion with net investment result standing at N8.77 billion.

    The Group posted a profit before tax (PBT) of N2.17 billion and a profit after tax (PAT) of N1.89 billion.

    Managing Director, Lasaco Assurance, Mr. Razaq Abiodun stated that the Group’s shareholders’ fund at year-end was N12.05 billion, demonstrating a strong financial base.

    He said: “With the successful completion of the N10.8 billion private placement, the company is now better positioned for enhanced stability and strategic growth. The Lasaco Group, comprising Lasaco Assurance Plc, Lasaco Trading & Investment, and Lasaco Properties Limited, demonstrated strong individual growth, collectively making a significant impact on the group’s overall financial performance.

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    “Each subsidiary played a strategic role in driving revenue, expanding market reach, and strengthening the group’s diversified portfolio. Their combined contributions reinforced the company’s financial stability and positioned the group for sustained growth in an increasingly competitive market. The Parent Company’s profit before tax (PBT) increased by 11.3% to N1.87 billion, while profit after tax (PAT) grew by 20.7 per cent, reaching N1.59 billion. Shareholders’ fund for the Parent Company stood at N11.75 billion as of 31st December 2024.

    “However, strategic efforts have been made to enhance shareholders’ funds through private placement, a move that will not only strengthen the company’s financial position but also bolster its credibility and capacity to drive greater business expansion. We are delighted with the financial performance recorded in 2024. The results are a testament to the hard work and dedication of our team, as well as our ability to adapt to market conditions. Despite facing external challenges, we have managed to drive growth in our investments and core business segments. As we operate in 2025, we remain focused on sustaining this positive momentum and creating long-term value for our shareholders and customers.’’

  • Lasaco pays N353m to 126 beneficiaries of deceased local govt workers

    Lasaco pays N353m to 126 beneficiaries of deceased local govt workers

    Lasaco Assurance Plc has settled insurance claims of deceased Local Government and State Universal Basic Education Board (SUBEB) staff members by paying N353 million to their 128 beneficiaries.

    This was made known during a Presentation of Cheques Beneficiaries programme in Alausa-Ikeja.

    Commissioner for Local Government, Chieftaincy Affairs, and Rural Development, Mr. Bolaji Kayode Robert, highlighted the government’s efforts to prioritise the welfare of its workforce.

    He stated that the Lagos State Government under the administration of Governor Babajide Sanwo-Olu has demonstrated its commitment to the well-being of local government staff in collaboration with Lasaco Assurance Plc by approving the disbursement of N353 million as insurance benefits to 128 beneficiaries of the deceased staff members.

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    He said over the past year, the ministry disbursed N391 million to 264 beneficiaries of Local Government staff and SUBEB, demonstrating the government’s consistent commitment.

    The Permanent Secretary, Ministry of Local Government, Chieftaincy Affairs, Mrs. Kikelomo Bolarinwa, praised Sanwo-Olu for his commitment to the well-being of the staff and their families.

    She commended Lasaco and Haggai Insurance Brokers for its pivotal role in paying insurance benefits to the beneficiaries of deceased local government staff and SUBEB employees, noting that they were diligent in ensuring the seamless distribution of the benefits to the beneficiaries.

    Mrs. Bolarinwa urged beneficiaries to utilise the funds judiciously in honour of the deceased.

    Managing Director, Lasaco Assurance Plc, Mr. Razzaq Abiodun, lauded the government for its continuous payment of insurance benefits to its employees, emphasising that Lasaco remains committed to providing financial security and peace of mind to its customers.

  • LASACO to raise N10b new capital

    LASACO Assurance Plc has announced plans to raise N10 billion additional capital to from its existing and new shareholders.

    This, according to the firm, is part of efforts to position the company to operate as a Tier 1 level player under the newly introduced recapitalisation and reclassification structure by the National Insurance Commission (NAICOM).

    The company, having secured its shareholders’ approval, will in the weeks ahead unfold strategies to raise the new fund, which will enable it play big in the nation’s insurance industry under the current  Tier Based Minimum Solvency Capital introduced by NAICOM.

    At the company’s extra-ordinary General Meeting in Lagos, the its Board of Directors secured shareholders’ approval, subject  to the approval of the relevant  regulatory authorities,  to raise additional capital through  the issuance of up to Ten Billion Naira ordinary shares  of 50k  each at 50k per share either  by way of public offer, special placement or rights’ issue and /or up to 10,000,000 (Ten million) Preference Shares of 1,000 each at N500 per share’’ .

    The company Chairman, Aderinola Disu, said the Tier-based recapitalisation exercise being initiated by NAICOM, was responsible for the move by the company to upgrade its capital base to enable it  play in the top echelon of the insurance sector of the economy.

    She said the insurer was planning to raise addition capital through the issuance of up to 10 billion ordinary shares of 50 kobo per share and of 10 million preferential shares of N500 per share, subject to the relevant regulatory approvals.

    Speaking on behalf of shareholders, founder, Independent Shareholders’ Association of Nigeria (ISAN),  Sunny Nwosu, advised the company to adopt preferential shares option, while reducing its ordinary shareholders, a decision, he said, would allow shareholders get good returns on investments.

  • LASACO Assurance to sell 40b shares

    LASACO Assurance Plc plans to issue up to 40 billion ordinary shares of 50 kobo each to raise new equity funds as insurance companies race to beef up their capital ahead of the implementation of new capital requirements.

    In a regulatory filing at the Nigerian Stock Exchange (NSE), the board of directors of LASACO indicated the company would create and issue new 40 billion ordinary shares of 50 kobo each to raise new capital from the investing public.

    According to the proposal, LASACO will increase its authorised share capital from N5 billion of 10 billion ordinary shares to N25 billion of 50 billion ordinary shares through the creation of additional 40 billion ordinary shares.

    Then, the insurance company will proceed to issue up to 40 billion ordinary shares by way of public offer, private placement or preference shares.

    The board of directors of the company has scheduled an extraordinary general meeting for early October when shareholders are expected to approve many resolutions increasing the share capital and authorising the board to raise the new capital.

    The Nation had recently reported exclusively that insurance companies have launched plans for emergency fund raising at the capital market as consolidation looms in Nigeria’s most populous quoted industry. There are 27 insurance companies quoted on the NSE.

    The Nation’s check had indicated that many insurance companies have started fund raising process, in what may become an industry-wide rush as the National Insurance Commission (NAICOM) moves to implement new capital requirements for the industry.

    Under the new NAICOM’s tier-based minimum solvency capital policy, insurers will be classified into three tiers according to the minimum capital base and risk-bearing capacity. Tier 1 insurance companies are required to have minimum capital base of N9 billion for general insurance and N6 billion for life insurance, implying a composite capital base of N15 billion. Tier 2 companies are divided into two categories, with N4.5 billion minimum capital base for general insurance and N3 billion for life assurance. Thus a composite insurance-general and life insurance, will be required to have minimum capital base of N7.5 billion. Tier 3 companies will continue to operate on the existing minimum capital base of N3 billion for general insurance and N2 billion for life insurance, implying a composite capital base of N5 billion for a composite tier 3 insurance company.

    Under the risk-based capitalisation approach, tier 1 companies will be able to undertake all risks including annuity and high-level special risks such as energy and aviation risks. Tier 2 companies will undertake retail insurance as prescribed under Tier 1, including commercial and industrial risks and group life assurance while tier 3 companies will only be able to write retail insurance only including micro insurance, motor, fire, agriculture, compulsory liability insurances, individual life, health and miscellaneous insurance.

     

  • LASACO settles N1.063b pension legacy funds

    In compliance with the Federal Government’s directive, through the Pension Transitional Arrangement Directorate (PTAD), LASACO Assurance Plc has settled the N1.063 billion pension legacy funds in its custody.

    The company paid the sum to PTAD as final settlement of the funds meant for pensions of six Federal Government parastatals under the Defined Benefit Scheme (DBS).

    PTAD’s Divisional Manager, Christiana Adebote, who made this known in Abuja after receiving the transfer, commended LASACO for its compliance.

    She said this was an execution of a Memorandum of Understanding (MoU) between the Directorate and the company.

    Adebote said the Directorate, last year, issued demand notices on the insurance firms holding legacy funds meant for payment of pensioners under the DBS to transfer outstanding funds into ‘’our dedicated e-Collection account with the Central Bank of Nigeria (CBN).’’

    She explained that the Pensions Reform Act (PRA) 2014 vested all pension assets, funds and liabilities of pensioners under the old scheme in PTAD and warned that it had become imperative for other concerned firms still holding onto the legacy funds to transfer them to PTAD without  delay.

    She noted that the intention of the Federal Government’s request for the release of these funds is to grow them for the prompt payment of pension.

    LASACO’s General Manager (Marketing), LASACO, Ademoye Shobo, while collecting the Letter of Set Off from PTAD, having fully paid the amount due, said the legacy funds managed on behalf of  parastatals as required by section 42 of the Pension Reform Act (2014) was fully remitted in July.