Enables lactoylglutathione lyase activity. Involved in methylglyoxal catabolic process to D-lactate via S-lactoyl-glutathione and regulation of insulin receptor signaling pathway. Predicted to be located in cytosol. Is expressed in adult head and organism. Used to study type 2 diabetes mellitus. Human ortholog(s) of this gene implicated in autistic disorder; diabetic retinopathy; end stage renal disease; type 2 diabetes mellitus; and vascular disease. Orthologous to human GLO1 (glyoxalase I).