Lasaco Assurance Plc has announced that it successfully raised about N11.1bn in fresh capital through a private placement, as part of efforts to meet the 2026 recapitalisation deadline set by the National Insurance Commission (NAICOM). The company also disclosed that it paid a total of N13.1bn in insurance claims to policyholders in 2024, underscoring its strong commitment to customer satisfaction and financial resilience.
The announcement was made during the company’s 45th Annual General Meeting (AGM) held in Ikeja, Lagos, on Thursday. The recapitalisation effort comes as the Nigerian insurance industry adjusts to new regulatory requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Tinubu.
The Act has significantly raised the minimum capital thresholds for insurance operators across the country. Under the NIIRA 2025, non-life insurance firms must now have a minimum capital base of N15bn, up from previous limits, while life insurance companies are required to hold at least N10bn. Reinsurance companies now face a higher threshold of N35bn.
Speaking at the AGM, the Chairman of Lasaco Assurance, Mrs. Teju Phillips, confirmed that the N11.1bn capital raise was achieved through a private placement involving the issuance of an additional 9.25 million shares. She said the fresh capital will strengthen the company’s balance sheet and ensure compliance with NAICOM’s recapitalisation directive.
Phillips revealed that the firm’s insurance revenue for the 2024 financial year rose to N22.82bn, a 25 per cent increase from N18.29bn recorded in 2023. She attributed the growth to market expansion, improved customer engagement, and sustained efforts to enhance product delivery.
According to her, Lasaco’s profit after tax for the year grew to N1.54bn, representing an 18 per cent increase from N1.31bn in 2023. She said this growth was driven by disciplined cost management, operational efficiency, and a renewed focus on strategic investments.
“The company’s growth is built on innovation, customer trust, and strong governance. We are making significant investments in digital transformation and omnichannel platforms to make insurance more accessible and efficient for our customers,” Phillips said.
She added that the N13.1bn in claims paid during the year reflected Lasaco’s commitment to prompt claims settlement, which accounted for more than 50 per cent of its insurance revenue. “Claims settlement is at the heart of our operations. Paying N13.1bn in 2024 demonstrates our financial strength and customer-focused strategy,” she said.
On sustainability, Phillips explained that Lasaco is expanding its retail insurance offerings and building strategic alliances to co-create embedded insurance products that align with Nigeria’s growing digital economy. She said these efforts are part of the company’s long-term plan to reach underserved markets and deepen financial inclusion.
“Furthermore, we are upskilling our workforce to ensure competitiveness and enhancing our risk management frameworks to mitigate the impact of currency volatility, regulatory changes, and geopolitical uncertainties,” she added.
In response to shareholders’ concerns about the recapitalisation process, the Managing Director and Chief Executive Officer, Mr. Razzaq Abiodun, assured investors that the company remains on track to meet NAICOM’s 2026 deadline for both its life and non-life businesses.
He disclosed that Lasaco’s shareholders’ funds now stand at over N21.4bn, supported by the additional N11.1bn raised in new capital. “We are fully committed to meeting the recapitalisation target ahead of the deadline. The plan we submitted to NAICOM exceeds the required benchmark, which demonstrates our readiness and stability,” Abiodun said.
He also noted that Lasaco’s strong financial position will enable it to take advantage of growth opportunities across Nigeria’s insurance market and maintain its dual licensing structure for both life and non-life operations.
Industry analysts believe that Lasaco’s proactive capital raise places it in a strong position to maintain competitiveness under the new NIIRA 2025 regulatory regime. The move also signals growing investor confidence in the company’s leadership and long-term strategy.
With increased capital, robust governance, and a focus on digital innovation, Lasaco Assurance is positioning itself as one of the leading players in Nigeria’s insurance sector as it navigates regulatory changes and market expansion opportunities ahead of 2026.
