Lasaco Assurance Plc has maintained its national scale financial strength rating of A(NG) for the 2025/2026 rating period with a stable outlook, as affirmed by Global Credit Rating Co. (GCR). This affirmation underscores the company’s robust capitalisation, adequate liquidity, and sustained commitment to operational excellence within Nigeria’s competitive insurance sector.
The rating reflects Lasaco Assurance’s solid risk-adjusted capital base, strengthened significantly by a capital injection in 2026, which has enhanced its capacity to underwrite larger and higher-value risks. The company’s insurance revenue grew by 35.2 percent to N30.8 billion in 2025, supported by broad-based growth across its business lines.
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Despite facing challenges such as underwriting performance pressures, Lasaco assurance continues to pursue strategic initiatives aimed at expanding retail penetration, increasing digitalisation, and leveraging key partnerships to reinforce its market position.
Lasaco Assurance’s business portfolio remains well diversified, with multiple business lines contributing significantly to revenue. The company is also focused on improving underwriting discipline, operational efficiency, and the effective utilisation of reinsurance capacity to enhance profitability and earnings stability.
Speaking on this achievement, Ademoye Shobo, managing director/CEO expressed delight at the affirmation of the company’s A(NG) rating. He stated, “Lasaco Assurance is proud of this recognition, which validates the hard work and resilience of our team. Nonetheless, we remain fervently committed to continuous improvement and are actively working to elevate our rating through enhanced underwriting practices, operational excellence, and strategic growth.”
Lasaco Assurance’s strengthened capital base and improved liquidity coverage, positions the company well for sustainable growth over the outlook period.
As the company charts its path forward, it remains focused on delivering value to policyholders, expanding its market share, and improving underwriting profitability, thereby contributing meaningfully to Nigeria’s insurance industry development.
This reaffirmation of financial strength and stability by GCR reinforces Lasaco Assurance Plc’s reputation as a resilient and forward-looking insurer committed to excellence and sustained growth.
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Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.
