Lasaco Assurance targets market expansion with new execution strategy

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Chuks Udo Okonta

Lasaco Assurance Plc has announced a strategic pivot toward “sharpening execution” to capture a larger share of Nigeria’s evolving insurance market. The underwriter is streamlining its resources and operational capabilities to maintain growth momentum amid a tightening regulatory environment and increased competition.

The firm’s management noted that the new roadmap balances aggressive growth initiatives with financial stability, governance discipline, and operational resilience.

To achieve its medium-term objectives, Lasaco Assurance has outlined a four-pronged approach:

Market Share Expansion: Leveraging strategic partnerships to deepen penetration.

Capital Strengthening: Enhancing the capital base to support large-ticket risks.

Technological Integration: Reinforcing operational efficiency through digital tools.

Compliance & Governance: Strict adherence to regulatory frameworks to ensure long-term sustainability.

Speaking on the transition, the Acting Managing Director of Lasaco Assurance, Ademoye Shobo, emphasized that organizational alignment is the primary driver of the new direction.

“As the business environment continues to evolve, our priority is execution. We are aligning our people, processes, and technology to ensure that our strategic intent translates into improved service delivery and sustainable growth,” Shobo stated.

On the financial front, the Deputy Managing Director, Mr. Rilwan Oshinusi, highlighted the importance of a robust balance sheet in the current economic climate.

“Financial strength is the backbone of our execution strategy. We are optimizing capital deployment and ensuring that growth initiatives are supported by prudent financial management. This positions us to meet regulatory requirements while delivering value to shareholders,” Oshinusi added.

Providing a breakdown of the implementation framework, the Head of Strategy, Research, and Communications, Mr. Adedayo Adetokun, explained that the company has adopted a “structured, layered approach” to market enrichment.

“Our strategy reflects current market realities. We are driving growth while reinforcing core stability. This ensures that every initiative remains focused, measurable, and sustainable,” Adetokun noted.

With this renewed focus on execution and financial prudence, Lasaco Assurance remains positioned to navigate the complexities of the Nigerian insurance sector and respond effectively to changing customer expectations.