By Benson Daniel
Lasaco Assurance Plc has successfully raised N19.3 billion through a capital-raising exercise, strengthening its financial position as the company moves to meet regulatory capital requirements and expand its underwriting capacity.
The insurance firm said the fresh capital would be deployed to reinforce its balance sheet, support business expansion and enhance its ability to underwrite larger and more complex risks across key segments of the insurance market.
The successful fundraising comes as insurance companies continue to position themselves for the industry’s recapitalisation programme, which is expected to create stronger and more resilient operators capable of supporting Nigeria’s growing economy.
According to the company, the capital injection reflects the confidence of shareholders and investors in Lasaco Assurance’s long-term growth strategy and commitment to delivering sustainable value. Management noted that the additional funds would also improve operational efficiency, strengthen digital transformation initiatives and enhance customer service delivery.
Industry analysts described the development as a positive signal for the insurance sector, noting that stronger capitalisation would enable insurers to improve risk retention, reduce dependence on foreign reinsurance and increase their contribution to economic development.
The analysts added that well-capitalised insurance firms are better positioned to finance large infrastructure projects, provide adequate protection for businesses and individuals, and support financial inclusion through innovative insurance products.
Lasaco Assurance reaffirmed its commitment to maintaining sound corporate governance, prudent risk management and innovation while delivering quality insurance solutions tailored to the evolving needs of its customers.
The company expressed optimism that the successful capital raise would position it for sustainable growth and greater competitiveness within Nigeria’s insurance industry, while creating long-term value for shareholders and other stakeholders.
The development underscores the growing efforts by Nigerian insurers to strengthen their capital bases in anticipation of increased regulatory requirements and evolving market demands.
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