{
  "id": 15865850,
  "title": "LASACO returns to profit with N1.60 billion pre-tax earnings in 9M 2026",
  "url": "https://urgent.news/2026/10/21/lasaco-returns-to-profit-with-n1-60-billion-pre-tax-earnings-in-9m",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-21T08:22:28.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/21/lasaco-returns-to-profit-with-n1-60-billion-pre-tax-earnings-in-9m-2026/"
  },
  "original_language": "en",
  "account": "LASACO Assurance Plc has returned to profit for the nine months ending September 30, 2026, with Group pre-tax earnings of N1.60 billion, compared to a loss of N4.72 billion in the same period last year. This recovery was primarily driven by lower insurance service expenses and net reinsurance costs, coupled with a modest growth in insurance revenue. The insurance service segment reported a profit of N5.84 billion, up from a loss of N2.44 billion a year earlier, while weaker investment income and higher running costs offset some of the gains. Operating costs increased by 13.02% to N6.30 billion, while other operating income shrank to N32.83 million from N812.74 million. After-tax earnings amounted to N1.25 billion, up from a N4.81 billion loss in the same period of 2025. In addition to the earnings recovery, LASACO's balance sheet expanded significantly due to its rights issue, raising N18.10 billion through share issuance. This additional capital could support the company's operations beyond the profit earned during the period. During the nine months, LASACO received N25.93 billion in premiums from policyholders and paid N7.67 billion in reinsurance premiums and N9.93 billion in claims and other expenses. After accounting for commissions, staff costs, other payments, and receipts, operating activities consumed N416.82 million in cash. While LASACO reported a profit, its operations still consumed more cash than they generated. The N18.10 billion raised from shareholders played a crucial role in strengthening the company's cash position. The recovery in insurance earnings is positive, but the next challenge is whether LASACO can maintain this improvement, curb rising operating costs, and generate cash from its operations as it utilizes the additional capital. As of October 20, LASACO Assurance shares closed at N1.90, down 22.5% year-to-date from a January price of N2.45.",
  "summary": "LASACO Assurance Plc has returned to profit, reporting Group pre-tax earnings of N1.60 billion for the nine months ended September 30, 2026, compared with a N4.72 billion loss in the corresponding period of 2025. The post LASACO returns to profit with N1.60 billion pre-tax earnings in 9M 2026 appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}