Composite insurance underwriter Lasaco Assurance has turned the corner on the N731.5 million half-year loss it logged in the first six months of last year, which heralded its first annual loss in thirteen years during the financial year 2025.
The insurer, in the last mile of a recapitalisation deadline in the Nigerian insurance industry that expires this month, recorded N384.9 million in the year to June, compared with a year ago, according to its latest corporate report published Friday.
Its return to profitability owed less to revenue growth than to cost-cutting. Insurance revenue, its core income source, retreated by 3.2 per cent from the half-year 2025 level to N16.3 billion.
That happened following a slide in the cash its general business insurance contract brings to the pool.
Lasaco Insurance cut back insurance service expenses by 17 per cent, and it also reduced net expenses from reinsurance contracts by 11.4 per cent; both were key factors that drove insurance service results to N3.1 billion from N1.1 billion a year ago.
