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Global Credit Rating (GCR) has reaffirmed the credit rating of Lasaco Assurance Plc at A(NG) with a Stable Outlook, making it the third year in a row that the Nigerian insurance firm has sustained this recognition. The announcement, made in a statement by the company on Thursday, has been described as a major vote of confidence in Lasaco Assurance’s financial strength, stability, and growth prospects at a time when competition in the insurance sector is tightening.
The A(NG) rating shows that Lasaco has continued to demonstrate resilience in its operations despite the economic challenges facing businesses in Nigeria. The company said the rating was not only a recognition of its financial standing but also an endorsement of its strategic vision to expand its market share and improve customer trust through innovation and efficiency.
Lasaco Assurance has recently boosted its financial base by completing a ₦10.8 billion capital injection through a private placement. This move has strengthened the insurer’s capital position and given it more room to take on larger risks in the market. According to figures released by the firm, its shareholders’ fund as of June 30, 2025, grew by 80.2 percent to ₦22.1 billion. The development has also lifted its capital adequacy ratio to 3.6 times, well above regulatory requirements. The company’s liquidity has also improved, with cash and liquid assets making up 67.2 percent of its investment portfolio.
Industry observers say this capital raise has placed Lasaco Assurance in a stronger position to meet regulatory expectations set by the National Insurance Commission (NAICOM) and to invest in new technology that can improve service delivery. The company’s management explained that the decision to strengthen its balance sheet was in line with its long-term plan to ensure financial stability and operational growth.
Commenting on the rating, Lasaco Assurance said that maintaining the A(NG) grade for three consecutive years highlights its commitment to prudent underwriting, digital transformation, and customer-focused strategies. “This recognition comes at a time when the Nigerian insurance industry is becoming increasingly competitive, and Lasaco Assurance’s consistency in maintaining an A(NG) rating is a strong message of confidence to policyholders, shareholders, and stakeholders at large,” the company said in the statement.
The insurer explained that part of its focus is to deepen retail penetration by expanding insurance coverage to underinsured groups across Nigeria. With a large portion of the Nigerian population still without adequate insurance protection, Lasaco is positioning itself to fill that gap by offering affordable and technology-driven products that can reach more customers.
The company has also been investing heavily in digital platforms to make policy purchase, claims processing, and customer support easier and faster. By using technology, Lasaco hopes to improve efficiency, reduce costs, and deliver a better experience for its policyholders.
Nigeria’s insurance industry is currently undergoing a phase of transformation, with regulators pushing for higher capitalisation and stricter standards to protect customers. While smaller insurers are finding it more difficult to cope, bigger firms like Lasaco that have stronger financial bases are expected to expand their influence in the market. Analysts say Lasaco’s improved capital base and consistent strong rating make it one of the firms to watch as the industry continues to evolve.
For policyholders, the A(NG) rating is an assurance that the company remains financially secure and dependable when it comes to meeting claims. For shareholders, it sends a message that the insurer is effectively managing risks while also preparing for sustainable long-term growth.
The company, however, said it would not rest on its achievements. It pledged to continue focusing on transparency, governance, and operational excellence. The management assured that Lasaco will continue to embrace prudent practices and technology to ensure it maintains its position in the market and possibly achieve even higher ratings in the future.
Industry watchers say that as the Nigerian economy gradually recovers and businesses seek insurance protection against risks, companies like Lasaco that are financially stable and customer-oriented will continue to stand out. The consistency of its rating is also expected to help it win the trust of new customers while retaining existing ones.
By maintaining its A(NG) rating for three straight years, Lasaco Assurance has shown resilience, adaptability, and commitment to growth, a combination that many believe will help it thrive in Nigeria’s competitive insurance market.
