Prime Business AfricaLasaco Assurance has reported its revenue increased by 59 per cent to N10.43 billion in the first quarter (Q1) of 2025, exceeding the N6.57 billion turnover posted in Q1 2024.
The company, in its Q1 2025 financial statement, also reported that its insurance service expenses rose from N4.28 billion to N4.28 billion, indicating a 72 per cent year-on-year increase, while net expenses from reinsurance contracts held dropped by 12 per cent from N1.28 billion to N1.12 billion.
Join our WhatsApp ChannelHowever, insurance service results rose by 93 per cent to N1.92 billion in the first quarter of 2025, from N995.30 million reported in the corresponding period last year.
Lasao Assurance also saw a significant increase in its investment result, which grew from N178.82 million to N966.92 million, reflecting an increase of 440.72 per cent.
Although the company reported N15.07 million as net finance expenses from insurance contract in Q1 2025, compared to the N82.41 million net finance income from insurance contract posted in last year’s Q1.
Also, net finance income from reinsurance contract held dropped by 83.97 per cent year-on-year, from N62.44 million to N10 million, and net foreign exchange gains fell to N61.88 million from N1.14 billion, indicating an increase of 94.57 percent.
Similarly, Lasaco’s net Investment results dropped by 30 per cent to N1.02 billion in Q1 2025, against the N1.46 billion reported in the same period in 2024.
However, net insurance and investment results increased to N2,94 billion, from N2,45 billion, reflecting a 20 percent year-on-year increase.
Furthermore, Lasaco recorded operating expenses of N1.38 billion in Q1 2025, which is more than the N1.18 billion posted in the first quarter last year.
At the end of the quarter under review, Lasaco recorded N1.62 billion profit before tax (PBT), which rose 24 per cent year-on-year compared to the N1.30 billion posted in last year’s Q1.
Also, Lasaco filed income tax of N323.58 million in the first quarter of this year, compared to the N280.40 million filed in the corresponding period in 2024.
Despite the 15.39 percent increase in income tax, Lasaco reported a 26.46 per cent year-on-year increase in profit after tax (PAT), which grew from N1.02 billion to N1.30 billion.
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