Prime Business Africa
Lasaco Assurance, in its unaudited financial statements for the period ended September 30, 2025, said revenue increased by 40 percent to N23.83 billion in the first nine months of last year, surpassing the N17.02 billion recorded in the same period in 2024.
In the financial statements, Lasaco said insurance service expenses also increased by 44 percent to N19.46 billion during the period under review, compared to the N13.54 billion expended between January and September 2024.
Join our WhatsApp ChannelHowever, net expenses from reinsurance contract held dropped by 21 percent to N2.50 billion between the first quarter (Q1) and third quarter (Q3) of 2025, compared to the N3.17 billion recorded in the corresponding period in 2024.
Lasaco added that insurance service results recorded 430 percent year-on-year growth, from N352.17 million to N1.86 billion.
The company said it failed to record net foreign exchange gains between January and September 2025, compared to the N2.49 billion posted in the previous year.
Also, net investment results nosedived to N2.84 billion in the first nine months of last year, below the N3.33 billion recorded in the same period in 2024, representing a 15 percent decrease.
However, net insurance and investment results increased by 28 percent to N4.71 billion between Q1 and Q3 2025, exceeding the N3.68 billion earned in the corresponding period in 2024.
But a 241.79 percent increase in Lasaco’s operating expenses impacted the bottom line, after it rose to N5.70 billion during the period under review, from N1.66 billion posted in the first nine months of 2025.
Consequently, Lasaco recorded a N404.22 million loss before tax (PBT) between January and September 2025, failing to achieve the N2.27 billion profit before tax (PBT) reported in the same period in 2024.
This led to the company’s income tax dropping to N94.81 million in the first nine months of 2025, compared to the previous year’s N305.39 million, reflecting a 68.95 percent decrease.
Also, the company suffered a loss after tax of N499.04 million between Q1 and Q3 of last year, failing to replicate the N1.96 billion reported in 2024.
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