In September 2022, an International Rating Company GCR rated Lasaco Assurance Plc A (NG). It is noteworthy to mention that Lasaco Assurance Plc was rated in 2021, A- (NG), based on our strong financial strength and competitive position. Lasaco’s earnings were at an intermediate level and the company’s portfolio was expected to grow as a result of strategic plans put in place to support the company’s growth. The company maintained international solvency and GCR capital adequacy ratio (“CAR”) well above 100% and 2.5x respectively over the review period, evidencing good loss absorbing capacity.

Lasaco’s Outlook was designated as “stable” by GCR with the expectation that the company will experience growth based on premium growth plans and stable earnings.

GCR explains that the rating rationale behind Lasaco Assurance Plc’s rating upgrade is as a result of the company’s improved financial profile and a stable outlook. The international solvency and capital adequacy ratio (“CAR”) improved to 1.6x and 3.0x respectively. Similarly, the liquidity margin increased from 1.5x at FY20 to 1.8x at FY21.

The Global Credit Ratings Company expects Lasaco Assurance Plc to improve on the rating scale as a result of increased liquidity margin from planned additional capital inflow, earnings and premium diversification. The outlook has been stable for the previous year and even in 2022, signifying that the insurer has maintained and will defend its market share and improve on its competitive position.