Leadway becomes first insurance firm to hit over N104.4bn  

Oluwanifemi Ojo
Oluwanifemi Ojo
Leadway Assurance Company

Bisola David

Leadway is the first insurance business in Nigeria to receive N104.4 billion in total premiums.

According to ThisDay, this was achieved with N92.5 billion in Gross Written Premium, N10.8 billion in Savings and Investment, and another N1.1 billion through its Ivorien Insurance subsidiary.

Leadway continues to be the industry leader in claims payment with N57.5 billion, regularly paying out the most claims over the past seven years. This highlights the advantages of insurance as a preventative measure against monetary losses.

Also, the company strengthened its financial position in the reviewed year, recording a rise in total assets from N502 billion in 2021 to N535 billion in 2022, as well as a sharp increase in risk premium from N71 billion to N93 billion. As a result, the group saw its total premium increase by 26%, from N83 billion in 2021 to N104.4 billion in 2022. This growth was attributable to the company’s ability to both gain new Group Life clients and renew existing clients.

Addressing during the organization’s 51st Annual General Meeting (AGM), which was held in Lagos, the company’s Managing Director/Chief Executive Officer, Mr. Tunde Hassan-Odukale, emphasized the company’s steadfast commitment to quick claims settlement to its esteemed policyholders despite the uncertainties and complexities surrounding the economic realities in the country and across the world.

“We are pleased with the company’s financial performance in 2022, which saw us achieve yet another industry milestone of better claims payout to policyholders, despite the challenging double-digit inflationary pressures and the general economic conditions.

“This is appropriately attributed to our ability to draw in new clients and maintain the trust of existing ones by having them renew their insurance agreements. These factors provide us opportunity to expand and enable us to remain steadfast in our commitment to our policyholders.”

He added that they will continue to be well-positioned, reinforced, and financially secure to fulfill their purpose of providing our policyholders with exceptional risk management and wealth creation.

“As market leaders, we maintain the value creation for our stakeholders while boosting consumer confidence in the sector. This success strengthens our efforts to increase the penetration of insurance in Nigeria and on the continent.”

In his remarks, the chairman of the Board of Directors, General Martin Luther Agwai (Rtd), said, “As a flexible and market-sensitive company, we remain resilient and determined in the execution of our business plan as well as our interaction with stakeholders across the value chain. We are steadfastly committed to developing and amplifying our group synergy in order to expand our commercial reach and replicate successes made in Nigeria in other African countries.

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