Tag: LASACO Assurance

In a significant move to expand financial protection and enhance customer-centric innovation, Lasaco Assurance Plc has received regulatory approval for six newly developed insurance products.

 This milestone marks the first phase of a broader product expansion strategy, designed to increase relevance, accessibility, and value-driven protection for individuals and businesses across Nigeria.

The newly approved offerings include Estate Plan, Future Secure, Comprehensive Plus Personal Belongings, and three enhanced third-party motor insurance variants: Lasaco Flame Shield (Third Party Plus Fire), Lasaco Safe Asset (Third Party Plus Theft), and Lasaco Drive Safe (Third Party Plus Own Damage), representing the first set of approvals under a newly introduced product expansion by the company.

These products are specifically designed to bridge existing coverage gaps, offering flexible and affordable insurance solutions that cater to the diverse needs of Nigerians.

Speaking on the development, the Acting Managing Director of Lasaco Assurance Plc, Mr. Ademoye Shobo, emphasized the company’s dedication to trust, consistency, and innovation.

He said: “Our legacy of reliable claims payment and customer-centric service has positioned us as a trusted leader in the insurance industry.

“These new products reflect our commitment to addressing real-life risks and evolving customer needs. We are not just expanding our portfolio; we are delivering practical, meaningful protection that supports financial stability and peace of mind for our customers,” Mr. Shobo stated.

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From a strategic standpoint, Mr. Adedayo Adetokun, Head of Strategy, Research, and Communications, highlighted the role of these new products in driving the company’s growth objectives.

“These offerings have been carefully developed to address specific protection gaps in the market. They will play a pivotal role in expanding our market share, attracting new customer segments, and improving product adoption. Each product is structured to be affordable, scalable, and responsive to the current risk landscape, ensuring that we meet the evolving needs of our customers,” Mr. Adetokun explained.

The newly approved products will be available at Lasaco Assurance Plc’s head office and branches nationwide. The company is also set to leverage digital platforms to enhance accessibility, ensuring seamless customer engagement across various touchpoints.

This development aligns with the growing focus on innovation, digital transformation, and consumer education within Nigeria’s insurance sector. Lasaco Assurance Plc’s latest product approvals reinforce its position as a forward-thinking industry leader, committed to sustainable growth, customer value, and financial inclusion.

Ahead of insurance industry recapitalisation deadline slated for July 2026, Lasaco Assurance Plc has secured the approval of its shareholders to raise its capital level to N36billion.

This will allow the company surpass the minimum capital requirements for a composite insurance company.

Under the ongoing exercise, Life Insurance companies are expected to recapitalise to the tune of N10billion, General insurers N15billion and composite underwriting firms are to jack up capital to minimum of N25 billion.

As a composite insurer, the targeted capital level will keep Lasaco Assurance solid among its peers post-recapitalisation.

Addressing shareholders at an Extraordinary General Meeting (EGM) of the company in Ikeja, Lagos, the chairman, Mrs. Teju Philips, explained that, the meeting was convened to consider the company’s recapitalisation plan in line with the Nigerian Insurance Industry Reform Act 2025 which sets a new minimum capital requirement of N15 billion for non-life insurers and N10 billion for life insurance firms.

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She stated that, the new standards would strengthen operators and enable them to take on more business, adding that, capital remains the primary determinant of underwriting capacity in the insurance sector.

She reaffirmed that Lasaco remains a dependable institution with a strong record of meeting claims obligations and maintaining transparency in all operations.

Mrs Philips presented the seven point agenda, with the central proposal being the increase of the company’s share capital from 11,083,585 units to 36,083,585 units through a private placement and rights issue.

The meeting also agreed that the new shares would rank pari passu with existing ordinary shares and that the company’s authorised share capital should be adjusted to reflect the new threshold of N36 billion.

Additional resolutions approved included amendments to the Memorandum and Articles of Association, granting directors the authority to conclude terms of the capital raising exercise, obtain necessary regulatory approvals and appointment of professional advisers.

The company secretary was also authorised to complete all statutory filings at the Corporate Affairs Commission (CAC).

Present at the meeting along with the chairman are Directors; Fola Tinubu, Ademola Oshodi, Abiodun Dosunmo, Ademoye Shobo. Also present are the Deputy Managing Director, Oluwatobiloba Lawal, Rilwan Oshinusi, and the Company Secretary, Mrs Gertrude Olutekunbi.

• Raises N11. 1b fresh capital ahead of recapitalisation

Lasaco Assurance Plc has compensated policyholders who suffered mishaps on their insured risks in 2024 to the tune of N13.1billion.

The claimants were paid, after they suffered disasters on their insured assets and lives respectively, in a move by the insurer to return the policyholders back to the financial positions they were prior to the mishaps.

The N13.1billion claims paid represents over 50 per cent out the N22. 82billion generated from insurance revenue in its 2024 financial year.

This payment, is however, an improvement over N6.54 billion paid in its 2023 financial year, an indication that it pays crucial attention to payment of genuine claims as and when due.

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Meanwhile, the insurer has also raised additional N11.1billion in a move to meet the July 2026 recapitalisation exercise for the insurance industry.

Speaking during the 45th Annual General Meeting (AGM) at the company’s headquarters in Lagos, the Chairman, Mrs. Teju Phillips, disclosed to shareholders that the firm’s insurance revenue rose to N22.82billion, representing a 25 per cent increase from N18.29 billion in 2023.

She attributed this growth to market penetration and enhanced customer engagement.

She said: “Profit after Tax (PAT) leaped to N1. 54billion, reflecting an 18 per cent increase from N1.31billion within the period under review. This achievement underscores the company’s discipline, cost optimisation and operational efficiency”.

However, in a bid to strengthen the company, she said, Lasaco Assurance raised N11.1billion through a private placement, adding an additional 9.25 million shares to its existing shares, to enable it perform and compete better in the insurance industry.

Assuring that the underwriting firm is driving digital transformation and innovation by investing in various software and omnichannel customer engagement to enhance efficiently and accessibility, she noted that, the company remains committed to sustainability by expanding retail insurance solutions, through targeted policy offerings. Market expansion efforts focus on strengthening current market deepening and leveraging strategic partnership to deepen reach.”

To ensure long-term competitiveness, she said  the company is upskilling its workforce even as risk management and governance framework are being enhanced through robust stress-testing measures to mitigate currency volatility regulatory shifts and geopolitical uncertainties.

“Furthermore, we are actively exploring strategic alliances to co-create embedded insurance products, alligning with Nigeria’s expanding digital economy, “ she pointed out.

Responding to the shareholders’ questions on recapitalisation, the Managing Director/CEO, Mr. Razzaq Abiodun assured that the insurer is on the right track to recapitalise both its Life and Non-life businesses.

He said shareholders’ fund of the company is now in excess of N21.4billion, adding that, additional N11.1billion fresh capital raised is also a move in this direction.

“So, we are doing everything possible to meet the deadline. The company will continue to operate with both life and non-life licenses. The recapitalisation plans submitted to the National Insurance Commission (NAICOM) exceeded the regulatory capital benchmark, a sign that the company is moving in the right direction.

“The process of recapitalisation is currently ongoing and we believe we will conclude all the necessary processes and documentation before the deadline slated for next year”, he added.

Lasaco Assurance Plc has convened its Southwest Region Customer Forum, bringing together a diverse and engaged group of stakeholders, including valued customers, brokers, and business partners to deepen collaboration and strengthen customer-centric service delivery.

The event underscored Lasaco Assurance’s commitment to continuous operational improvement and meaningful stakeholder engagement across its footprint.

The Forum was organised by the Customer Experience Team, led by Miss Oluseye Smart and Deborah Jelmark, and served as a platform for open dialogue where attendees candidly shared insights, feedback, and expectations.

 According to Mr. Adedayo Adetokun, Head of Strategy, Research and Communications, this initiative was fundamentally designed to capture direct client and broker feedback to better inform the company’s service delivery and operational enhancements.

This customer-driven focus was further emphasised by the host, Regional Manager for the Southwest, Mr. Kayode Okeremi, who highlighted the critical role such engagement plays in shaping Lasaco’s strategic trajectory in the region.

 Executive Director (Technical), Mr. Ademoye Shobo, who represented the managing director, reaffirmed the company’s strategic priority of physical engagement across business locations and regions.

Read Also: Lasaco Assurance hosts customer forum in Abuja

He said: “This initiative aims to capture direct, meaningful feedback that enables us to align our operations closely with evolving customer expectations,” he stated. He further noted how these engagements are essential to driving continuous operational improvements.

Managing Director, Utmost Good Faith Insurance Brokers in Ibadan, Mr. Akinola Oladeji said: “The forum provides brokers like us a vital avenue to voice practical challenges and opportunities to decision-makers. Such collaborations strengthen trust and, ultimately, translate into better service for end customers. We applaud Lasaco assurance’s proactive approach and look forward to the continuous improvements this dialogue inspires.’’

Lasaco Assurance Plc has announced the listing of additional 9.25 billion ordinary shares of 50 Kobo each on the Daily Official List of the Nigerian Exchange Limited (NGX).

The listing followed the completion of a private placement conducted by the company.

Following these, the total issued, and fully paid-up share capital of Lasaco Assurance Plc has increased from 1,833,585,855 to 11,083,585,855 ordinary shares, each with a nominal value of 50 kobo.

Read Also: Lasaco Assurance revenue rises by 24%

According to the company, this in share capital is in line with its commitment to strengthening its capital base and supporting its long-term growth objectives.

The company views the successful placement and listing as a significant step in enhancing shareholder value and providing increased liquidity in the market for both current and potential investors.

The private placement aims at strengthening the company’s financial position and solidifying its standing within Nigeria’s competitive insurance industry, and supporting the long-term growth of the business.

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Lasaco Assurance PLC has disbursed N443 million as death benefits to 132 families of deceased Local Government and State Universal Basic Education Board (SUBEB) staff members, its Managing Director/CEO, Mr Razzaq Abiodun, has said.

He spoke during the presentation of benefits at the Ministry of Local Government, Chieftaincy Affairs, and Rural Development in Alausa-Ikeja.

Abiodun, who was represented by Mr. Dimeji Olona, expressed appreciation for the state government’s commitment to its employees.

He stated that the initiative underscored Lasaco Assurance’s dedication to honouring its promises, providing unwavering support and financial security to its clients and their loved ones, during challenging times.

He commended the role played by Haggai Insurance Brokers in the distribution of benefits, highlighting the importance of such partnerships in delivering on commitments to clients.

He said: “Lasaco Assurance remains steadfast in its mission to provide comprehensive insurance solutions that offer peace of mind to its clients. Through unwavering commitment and strategic partnerships, Lasaco continues to demonstrate its loyalty and dedication to fulfilling promises, ensuring that the welfare of its clients and their families remain at the forefront of its operations.

“This recent disbursement not only reflects the company’s core values but also serves as a testament to its role as a dependable partner in safeguarding the interests of the people of Lagos State.

The Permanent Secretary, Ministry of Local Government, Chieftaincy Affairs and Rural Development, Mrs. Kikelomo Bolarinwa, commended Governor Babajide Sanwo-Olu for his dedication to staff welfare and applauded the efforts in ensuring the well-being of the state’s workforce.

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Mrs. Bolarinwa urged the beneficiaries to honour the memory of their loved ones by utilising the funds judiciously, ensuring that the support provided by the deceased is translated into meaningful and lasting benefits for their families.

Managing Director/CEO of Haggai Insurance Brokers, Mr. Segun Amure, expressed gratitude to Lasaco Assurance PLC for its reliability and steadfastness in fulfilling its obligations.

He urged the beneficiaries to make good use of the funds, reflecting the hard work and dedication of their departed family members.

Director, Teachers Pension Department, representing Local Government and State Universal Basic Education Board (SUBEB), Mrs. Toyeebah Olona sympathised with the beneficiaries, acknowledging their grief and urging them to find solace in the support provided.

She emphasised the importance of respecting the wishes of the deceased by managing the funds wisely to ensure the continued well-being of their families.