Lasaco Assurance

What Lasaco Assurance does

Lasaco Assurance Plc is a Nigerian composite insurance company incorporated in December 1979 and listed on the Nigerian Exchange under the ticker LASACO. Headquartered in Lagos with nine branch offices across Nigeria (Ibadan, Ikorodu, Kaduna, Akure, Port Harcourt, Kano, Abuja, Yola), the company serves individual, corporate, and government customers with both life and general (non-life) insurance products. Core offerings include motor insurance, marine cargo and hull, fire and perils, public liability, burglary, business interruption, goods in transit, group and personal accident, individual and group life assurance, education and investment-linked plans, and a suite of specialty commercial lines (oil and gas, contractors all risks, fidelity guarantee, professional indemnity). In February 2026 the company received NAICOM approval for six new products (Estate Plan, Future Secure, Comprehensive Plus, Flame Shield, Safe Asset, Drive Safe) that broaden the retail and SME surface.

The company runs a hybrid distribution model combining a 9-branch physical network, an in-house e-portal (eportal.lasacoassurance.com) for online purchase, renewal, claims tracking and certificate reprinting, insurance brokers and agents, and direct enterprise sales to corporate and government clients. Payments are processed via Paystack. The technology stack is certified to ISO/IEC 27001:2022 for information security, ISO 9001 for quality, and is NDPA/NDPR compliant; the company holds an A(NG) financial strength rating from Global Credit Rating with a Stable Outlook for three consecutive years and a 3.6x capital adequacy ratio as of June 2025.

Revenue is generated primarily from insurance premiums (N30 billion in insurance revenue in 2025, up 31.4% year-on-year, from N22.82 billion in 2024 and N18.29 billion in 2023) supplemented by net investment income (N8.73 billion in 2024, up 104%). Claims payouts reached N13.19 billion in 2024. Capital structure is being materially expanded via an N11.1 billion private placement completed in December 2024 and an N18.47 billion rights issue launched in April 2026, targeting a N36.08 billion share capital to satisfy NIIRA 2025 requirements. Operating subsidiaries include Lasaco Properties Limited (real estate) and Lasaco Trading and Investment Limited (financial investments); the annuity business is being divested to Cornerstone Insurance Plc. Leadership transitioned in late 2025/early 2026 to Ademoye Shobo, a 30-year company veteran confirmed as MD/CEO by NAICOM effective February 6, 2026.

Name

Lasaco Assurance

Legal name

Lasaco Assurance Plc

Website

https://lasacoassurance.com

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Lasaco Assurance Plc is a Nigerian composite (life and non-life) insurer, listed on the NGX, serving individual, corporate, and government customers through 9 branches and a digital e-portal with motor, life, marine, fire, and specialty products.

Ownership category

akta.pro rank

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Insurance Premiums (Life & General): Core revenue stream from insurance premiums across life and general insurance products. Insurance revenue grew 31.4% to N30 billion in 2025. The company operates as a composite insurer offering both life and non-life coverage.
2. Investment Income: Net investment result of N1.85 billion in H1 2025, representing 288% increase from previous year, demonstrating prudent investment strategies and yield optimization. Net income grew by 104% to N8.73 billion in 2024.
3. Claims Settlement Services: Paid N13.19 billion in claims to policyholders in 2024, a 13% increase from claims paid in 2023. Focus on claims settlement as a core business driver and customer retention strategy.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Lasaco Assurance Plc is a composite Nigerian insurer underwriting both life and general (non-life) insurance products. Its portfolio spans motor, marine cargo and hull, fire and perils, burglary, public liability, business interruption, goods in transit, group/personal accident, life assurance, investment-linked plans, and education plans, distributed through a 9-branch network, brokers/agents, direct corporate sales, and a digital self-service e-portal.

Product overview

Lasaco Assurance is a composite insurance company offering a comprehensive portfolio of individual and corporate insurance products. The product lineup includes core offerings such as Motor Insurance, Marine Insurance (Cargo and Hull), Fire & Perils, Public Liability, Burglary Insurance, Business Interruption, Goods in Transit, Life Assurance (Individual and Group), Investment Plans, and Education Plans. The company recently expanded its portfolio with six innovative products launched in February 2026: Estate Plan, Future Secure, Comprehensive Plus Personal Belongings, and three enhanced third-party motor insurance variants (Lasaco Flame Shield, Lasaco Safe Asset, and Lasaco Drive Safe). These new products are designed to address specific protection gaps in the Nigerian market with affordable, scalable solutions. The company also provides an e-Portal digital platform for online policy purchases, renewals, claims tracking, and customer self-service across both life and general insurance products.

Differentiator

Problem solved

Functional benefit

Brands

• Lasaco Flame Shield: Third Party Plus Fire motor insurance variant offering enhanced fire coverage alongside standard third-party protection.
• Lasaco Safe Asset
• Lasaco Drive Safe
• Lasaco Estate Plan
• Lasaco Future Secure Plan
• Comprehensive Plus
• Lasaco Investment Plan
• Lasaco Education Plan
• Silvercrest Estate

Products and services

• Motor Insurance

Quantifiable outcome

• Insurance revenue grew 31.4% to N30 billion in 2025
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Nigeria Immigration Service Lagos State CommandminorStrategic or Co-development Partner · 7 August 2026Courtesy visit to Lasaco Assurance headquarters. Presented award to Managing Director for driving product growth. Discussed service delivery, operational excellence, and sustainable growth collaboration.
• Cornerstone Insurance PlccoreStrategic or Co-development Partner · 2 September 2025Lasaco Assurance transferred its annuity business portfolio to Cornerstone Insurance Plc as part of strategic realignment. All terms and conditions remained the same for existing annuity policyholders. Transfer conducted in compliance with NIIRA Act 2025 and regulatory requirements.
• Lasaco Properties LimitedcoreOthers · 17 August 2025Subsidiary company focused on real estate services including project development, joint ventures, project management, and property/facility management. Led by Mr. Olumide Jayeola.
• Lasaco Trading and Investment LimitedcoreOthers · 17 August 2025Subsidiary company focused on financial investments. New leadership appointed with Mr. Akinwale Sofile (former CFO) as Managing Director. Contributes to group investment portfolio and revenue streams.
• Federal Ministry of Agriculture and Food SecuritycoreStrategic or Co-development Partner · 3 July 2025Presented Cooperative Insurance Scheme designed to provide farmers and agricultural cooperatives with reliable risk protection, financial security, and long-term sustainability. Aligned with government's food security agenda.
• Lagos State GovernmentcoreStrategic or Co-development Partner · 9 May 2025Partnership for group life insurance scheme covering civil servants. Disbursed N978.62 million in death benefits to 510 families of deceased public servants. Joint ceremony with Commissioner for Finance and LASACO MD.

Scale indicators16 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• AXA Mansard Insurance Plc: Nigerian composite insurer offering motor, life, and general insurance products. Closest direct peer given overlapping product portfolio (motor, fire, marine, life) and similar distribution model of brokers, agents, and digital channels in Nigeria.
• AIICO Insurance Plc: One of Nigeria’s leading composite insurers listed on the NGX, offering life and general insurance including motor, marine, and group life. Direct competitor for government group life contracts and corporate general insurance accounts.
• Coronation Insurance Plc (formerly WAPIC): Nigerian composite insurer offering motor, fire, marine, and life insurance to retail and corporate customers. Comparable in product mix and NGX-listed status, competing in the same mid-market segment.
• Custodian Insurance Plc: Nigerian insurance group offering life and non-life products (Custodian Life, Custodian General). Comparable composite insurer with similar target market of corporate and retail customers in Nigeria.
• Sovereign Trust Insurance Plc: Nigerian composite insurer listed on the NGX providing motor, marine, fire, and life insurance. Closely comparable in scale, product breadth, and target customer mix.
• Leadway Assurance Company Limited: Nigeria’s largest private-sector insurer offering life and general insurance products with a strong broker and direct distribution network. Head-to-head competitor in motor, fire, marine, and group life lines.
• Cornerstone Insurance Plc: Nigerian composite insurer that is acquiring Lasaco’s annuity book. Competes across life, general, and annuity lines, and represents a direct counterparty in Lasaco’s strategic realignment.

Broad incumbents

• African Reinsurance Corporation (Africa Re): Pan-African reinsurer that likely provides reinsurance capacity to Lasaco and its peers. Not a direct competitor but a key industry incumbent shaping underwriting capacity in the Nigerian market.
• Old Mutual Nigeria (formerly Old Mutual Ghana/Nigeria life business): Established African life and general insurer with Nigerian operations. Comparable in life insurance and investment-linked product focus, with greater scale and brand reach.
• Sanlam Group (SanlamAllianz): Pan-African insurance giant with significant Nigerian operations. Provides a broader scale benchmark and represents a strategic competitive threat to mid-sized Nigerian composite insurers post-NIIRA 2025 consolidation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/LASACOAssurance

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lasaco Assurance