GCR Ratings Reaffirms Lasaco Assurance Financial Strength

Samuel Mobolaji

Lasaco Assurance Plc has once again received a reaffirmation of its A(NG) rating and Stable Outlook from Global Credit Rating (GCR), underlining its robust financial position and resilience.

This recognition comes at a time when the company has continued to navigate economic challenges with unwavering strength.

The report by GCR has accentuated Lasaco Assurance Plc’s strong risk-adjusted capitalization and ample liquidity, highlighting its ability to withstand market volatility and maintain financial stability. The company’s ability to not only endure but thrive in the midst of economic uncertainties solidifies its reputation as a reliable insurance provider in Nigeria.

While the GCR report identifies areas for strategic focus, such as modest competitive position and underwriting losses, the company said, it is actively addressing these as part of its long-term growth strategy. By proactively focusing on these areas, Lasaco Assurance stressed, is positioning itself for sustained success and further strengthening its position in the market

Looking forward, Lasaco Assurance Plc noted that it is poised for even greater financial strength, with a finalised capital injection expected to bolster its capabilities further. This injection, it said, will undoubtedly enhance the company’s ability to continue delivering top-tier insurance services and meet its obligations.

“This reaffirmation This is as the pension company unveiled the panel of judges for the event at the FUZE festival media parley held in Lagos.

Speaking, the chief executive, Stanbic IBTC Pension Managers, Olumide Oyetan revealed this year’s theme: ‘Light it up’, saying, the theme encapsulates the show’s mission to illuminate and celebrate Nigerian youths’ boundless creativity and talent.

Olumide emphasised the transformative power of the FUZE Talent Show, stating, “each season, we have witnessed this platform’s ability to uncover, foster, and propel young talents into the spotlight; giving rise to new stars who now shine across the realms of music, dance, fashion, and technology.”

He noted that, “the grand prize of N50 million for this year’s winners set new stakes for talent competitions in Nigeria. This substantial increase in prize money underscores Stanbic IBTC Pension Managers’ commitment to providing life-changing opportunities for young Nigerian talents.”

Olumide called on Nigeria’s youths to seize this opportunity to participate.

The executive director of Business Development at Stanbic IBTC Pension Managers, Nike Bajomo, added that the event, which celebrated technology, fashion, dance, music and other various sectors in the country, aimed to empower Nigerian youths by providing a platform for artistic expression and innovation, emphasising that the talent show went beyond mere competition.

Bajomo noted that, for each category, the winner would be rewarded with N7.5 million, while the first runner-up would get N3 million and the second position would get N2 million.

Also, the head of Business Development at Stanbic IBTC Pension Managers, Kenneth Omeogu, revealed that, this year’s competition had attracted a larger number of participants, doubling the entries from Lagos.

This year we have doubled the number of participants coming out of Lagos. We also improved our platform regarding registration and entries, he added.

The star-studded judging panel for FUZE 3.0 features a diverse group of industry experts who will evaluate contestants in four categories. For fashion, it is Funke Adepoju; on Technology, Akinwande Akinsulire who is the director of Engineering at Co-Creation Hub (CcHub); on dance category,, a renowned entrepreneur, DonFlexx will coordinate that category ; while for music, Korede Bello, an award-winning Nigerian singer and songwriter will be in charge.

As anticipation builds for FUZE 3.0, Stanbic IBTC Pension Managers reaffirms its commitment to nurturing young talent and contributing to the growth of Nigeria’s creative industries.