LASACO Assurance Plc has announced the appointment of Ademoye Shobo as the company’s managing director, signaling a leadership transition at a time the insurer is navigating earnings pressure despite stronger topline growth and a significantly improved balance sheet position.
According to the Nigerian Stock Exchange(NGX), the appointment marks a strategic shift aimed at repositioning the company for profitability and sustained growth within Nigeria’s increasingly competitive insurance market.
“Mr. Ademoye Shobo holds a Bachelor of Science Degree in Chemistry from the Lagos State University in 1988 and Master’s Degree in Business Administration from the Nassarawa State University in 2023. He became an Associate Member of the Chartered Insurance Institute of Nigeria in 1998. He joined Lasaco Assurance Plc in 1993 as an Officer in the Audit Department of the Organization,” the company said in an NGX disclosure.
The leadership change comes on the heels of the company’s unaudited financial statements for the year ended December 31, 2025, which show a mixed performance.
While insurance revenue rose by 31 percent to N29.98 billion from N22.82 billion in 2024, rising claims and reinsurance costs weighed heavily on earnings.
Insurance service expenses climbed 21 percent to N25.24 billion, while net expenses from reinsurance contracts more than doubled, rising 111 percent to N6.81 billion. As a result of this, insurance service loss widened to N2.07 billion from N1.21 billion in the prior year.
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Although net investment income increased by 18 percent to N6.18 billion, this was insufficient to offset underwriting pressures. Net insurance and investment results declined 46 percent to N3.95 billion, culminating in a loss before tax of N2.98 billion, compared to a profit before tax of N1.63 billion recorded in 2024.
Total assets expanded by 27 percent to N40.24 billion, up from N31.75 billion in 2024. Shareholders’ funds surged 75 percent to N20.99 billion, reflecting capital growth and improved net asset value per share, which rose to N189.43 from N108.40.
Total liabilities declined by 2 percent to N19.24 billion, reflecting an improved balance sheet stability.
The new leadership is also expected to deepen risk management practices and drive innovation across key product lines including motor, fire, marine, engineering, oil and gas, and life insurance businesses.
As Nigeria’s insurance industry contends with inflationary pressures, regulatory shifts, and evolving customer expectations, stakeholders will be watching closely to see how the new managing director steers the company back to sustained profitability while consolidating its improved capital strength.
