Leadway Assurance records total premium of N104.4bn

Leadway Assurance Limited, stated in its 2022 financial year,  records a total premium collection of N104.4 billion of which Gross Written Premium (GWP) was N92.5 billion; N10.8 billion from its Savings & Investment subsidiary and another N1.1 billion from its Ivorien Insurance subsidiary.

However, this ensures the company becomes the first underwriter to cross N100billion premium.

It was learnt that its N92.5billion GWP translated to over 16 per cent of the N726 billion premium income generated by the entire insurance industry in the country last year even as the assurance firm equally paid the highest claims in the financial year under review.

Having paid N57.5 billion claims in 2022, making it the seventh year it has consistently led the insurance sector in claims payment, the company also consolidated its financial strength in the year under review with an increase in its total asset base from N502 billion in 2021 to N535 billion in 2022.

Meanwhile, 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 per cent increase in total premium from N83 billion in 2021 to N104.4 billion in 2021 to N535 billion in 2022.

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 per cent increase in total premium from N83 billion in 2021 to N104.4 billion in 2022 with the growth attributed to its ability to acquire new businesses for Group Life and its capacity to renew existing businesses.

While speaking at the company’s 51st annual general meeting (AGM) over the weekend, its Managing Director/CEO, Mr. Tunde Hassan-Odukale, emphasised the company’s resolute commitment to prompt claims payment to its esteemed policyholders despite the uncertainties and complexities surrounding economy in-country and on the global space.

Delighted in the company’s 2022 financial performance that saw Leadway record yet another industry milestone of improved claims payout to policyholders, he attributed this to the insurer’s attractiveness to new customers and the confidence of existing ones to renew their policy contracts.

“We remain well-positioned, strengthened and financially secured to continuously deliver our mandate of outstanding risk management and wealth creation to our policyholders.

“As 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,” Hassan-Odukale pointed out.

In his remarks, the Chairman of the Board of Directors, General Martin Luther Agwai, stated that, as a flexible and market-sensitive company, Leadway remains resilient and resolute in the execution of its business strategy as well as engagement with stakeholders across the value chain, “personally 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 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.