Leadway Assurance hits N104.4bn total premium mark last year

April 4, 2023 By Joshua Nse 0 Comments

Leadway Assurance becomes the first Nigerian insurance company to cross 3-digit billion mark with total premium collection of N104.4 billion last year, of which gross written premium is N92.5 billion, Savings & Investment is N10.8 billion and another N1.1 billion from its Ivorien Insurance subsidiary.

Leadway also remains the leader in its claims payment of N57.5 billion making it the largest claim payer in the industry consistently in the last seven years, thereby showcasing the benefits of insurance as an intervening tool in preventing financial losses.

L-R: Company Secretary, Mr. Olumide Hanson; Managing Director/CEO, Mr. Tunde Hassan-Odukale; Non Executive Director, Mr. Hadiza Aliko-Mohammed, Non Executive Director, Dr. Ademola Odeyemi; Non Executive Director, Mrs. Adebisi Lamikanra and Non Executive Director, Mr. Odein Ajumogobia all of Leadway Assurance at the 51st Annual General Meeting of Leadway Assurance held in Lagos.

The company also consolidated its financial strength in the year under review having recorded an increase in its total asset base from N502 billion in 2021 to N535 billion in 2022, while Risk Premium significantly rose from N71 billion in the previous year to N93 billion in the year under review.

Consequently, the group recorded a 26% increase in Total Premium from N83 billion in 2021 to N104.4 billion in 2022 with the growth attributed to the company’s ability to acquire new businesses for Group Life and its capacity to renew existing businesses.

Speaking at the company’s 51st Annual General Meeting (AGM) on Friday, March 31, 2023, the Managing Director/Chief Executive Officer, Mr. Tunde Hassan-Odukale, emphasised the company’s resolute commitment to prompt claims payment to its esteemed policyholders despite the uncertainties and complexities surrounding the economic realities in the country and across the world.

“We are delighted in the company’s 2022 financial performance that saw us record yet another industry milestone of improved claims payout to policyholders, despite the prevailing economic conditions and the debilitating double-digit inflationary pressures. This is duly attributable to our attractiveness to new customers and the confidence of existing ones to renew their policy contracts, affording us the headroom for growth and enabling our unwavering commitment to our policyholders.

“We remain well-positioned, strengthened and financially secured to continuously deliver our mandate of outstanding risk management and wealth creation to our policyholders. We continue to sustain value creation to our stakeholders and as market leaders, bolster customers’ confidence in the industry. This performance further amplifies our quest to deepen insurance penetration in Nigeria and on the continent”, Mr. Hassan-Odukale stated.

Earlier in his remarks, the Chairman of the Board of Directors, General Martin Luther Agwai (CFR) stated, ” As a flexible and market-sensitive Company, we remain resilient and resolute in the execution of our business strategy as well as our engagement with stakeholders across the value chain. We remain firmly committed to intensifying and amplifying our group synergy towards enhancing our business reach and replicating successes achieved in Nigeria across other regions in Africa”.

Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organisation is committed to bridging the financial protection gap and increasing insurance penetration in Nigeria.

The company extended its footprint to the West African markets with Leadway Vie Limited, a Life insurance services provider, and Leadway IARD Limited, a General insurance services provider, fully operational in Cote d’Ivoire.