|
Listen now
Getting your Trinity Audio player ready...
|
It is an oddity to shareholders of Lasaco Assurance Plc has recorded its first loss after tax in more than a decade as increased investment in business digitalisation led to higher operating expenses.
The insurer posted a loss after tax of N499.04 million in the first nine months of 2025, from a profit of N1.96 billion as at September 2024.
Drilling down the financial statement shows the loss was brought on by a 243.37 percent jump in total operating expenses to N5.70 billion as at September 2024.
Reinsurance expenses were up 43.72 percent to N19.46 billion in September 2025 from N13.54 billion as at September 2024.
Of course, the company had invested money in the latest technology as it positioned itself to unlock new revenue streams and strengthen its market presence in a competitive environment.
Insurers in Africa’s largest oil producer are reeling from claims from \i inflationary pressures and currency volatility that jerk up the replacement costs of assets.
Lasaco Assurance revenue increased by 39.60 percent to N23.83 billion in the period under review from N17.07 billion as at September 2024.
The insurer has announced raising about N11.1 billion in fresh capital via private placement ahead of the 2026 deadline for recapitalisation.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
