Lasaco Assurance Plc solvency level remains with first quarter profit increase by 27.45&, an indication that the insurer has the financial strengthen to meet claims payment even amid challenging economic environment.
The solvency ratio for the insurer rose to 368 percent in March 2025 from 177 percent in March 2024, according to data from the company’s website. ‘
The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. It is also defined as the difference between assets and the expected value of liabilities.
Lower Solvency would also result in undercutting of premium rates as to compete in the market and it may slow down its business growth due to slow rate of business expansion.
Analysts are of the view that the improvement in solvency is due to higher interest rates and consistent earnings growth.
Lasaco Assurance has started the year impressively as its profit after tax (PAT) increased by 26.46 percent to N1.03 billion in March 2025 from N1.02 billion as at March 2024.
Revenue was up 58.75 percent to N10.43 billion in the period under review from N6.57 billion the previous year.
The company attributes the growth in net income to its strategic initiatives and adaptability to the market conditions. It also has successfully driven significant growth across its core business and investment activities.
The insurer remains focused on sustaining this positive momentum, pursuing innovative strategies, and delivering long-term value for our shareholders and customers.
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