LASACO Assurance maintains strong A(NG) financial strength rating

Lasaco Assurance Plc has maintained its national scale financial strength rating of A(NG) for the 2025/2026 rating period, as affirmed by Global Credit Rating Co. (GCR) with a stable outlook.

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 the year, which has enhanced its capacity to underwrite larger and higher-value risks. The company’s insurance revenue grew by 35.2 per cent to NGN30.8 billion last year, supported by broad-based growth across its business lines.

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.

Managing Director Mr. Ademoye Shobo 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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