Lasaco Assurance Shatters Record With ₦19.3bn Capital Raise

Lasaco Assurance Plc has successfully completed its capital-raising exercise, securing ₦19.3 billion in fresh funds and exceeding its initial target of ₦18.47 billion by approximately 4.5 per cent.

According to Ireporter Online, the achievement represents the highest amount of capital ever raised by an insurance company in Nigeria to meet the recapitalisation requirements set by the National Insurance Commission (NAICOM).

The successful exercise aligns with the objectives of the National Insurance Industry Roadmap to 2025 (NIIRA 2025), further strengthening the company’s position within the country’s insurance sector.

The oversubscription has been attributed to strong investor confidence, with shareholders, institutional investors and other market participants demonstrating support for the company’s long-term growth strategy.

Lasaco stated that the additional capital will be deployed to strengthen its operational capacity, accelerate digital transformation initiatives and broaden its range of insurance products and services.

The company noted that the improved financial position would also enhance its ability to meet regulatory requirements while providing a stronger solvency buffer to support future expansion and business sustainability.

The fresh capital is expected to enable the insurer to invest in advanced technology, improve underwriting operations and streamline claims processing, with the aim of delivering faster and more efficient services to customers.

Lasaco also plans to leverage the stronger capital base to expand into underserved markets, introduce innovative insurance solutions and respond more effectively to the evolving needs of individual and corporate clients.

Company officials believe the successful fundraising exercise marks more than regulatory compliance, describing it as a strategic foundation for the next phase of growth and competitiveness.

The insurer expressed confidence that the strengthened financial position will support its efforts to drive financial inclusion, reinforce customer confidence and contribute to the continued development of Nigeria’s insurance industry.

Lasaco reaffirmed its commitment to creating long-term value for policyholders, shareholders, employees and strategic partners while maintaining high standards of service delivery and innovation across its operations.

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