Leadway Assurance has becomes the first Nigerian Insurance Company to cross a three-digit billion mark with a total premium collection of N104.4 billion in 2022.
This is contained in a statement by Ms Femi Olayinka, Strategy And Innovations Manager, Modion Communications for Leadway on Sunday in Lagos.
The statement said, the company recorded Gross Written Premium of N92.5 billion, its Savings and Investment is N10.8 billion and another N1.1 billion from its Ivorien insurance subsidiary.
It stated that Leadway paid N57.5billion as claims in the year under review, to sustain its position as the leading claims payer insurer in the industry, consistently in the last seven years.
“The company 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.
” Risk premium significantly rose from N71 billion in the previous year to N93 billion in 2022.
” Consequently, the group recorded a 26 per cent increase in total premium from N83 billion in 2021 to N104.4 billion in 2022 .
“The growth was attributed to the insurer’s ability to acquire new businesses for Group Life and its capacity to renew existing businesses.
Commenting, Mr Tunde Hassan-Odukale, Managing Director, Leadway Assurance said the company was committed to prompt claims payment to its esteemed policyholders.
Odukale noted that despite the uncertainties and complexities surrounding the economic realities in the country and across the world, the underwriting firm would not fail in its claims payment obligation.
“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 could be attributed to our attractiveness to new customers and the confidence of existing ones to renew their policy contracts, to afford us the headroom for growth and enabling our unwavering commitment to our policyholders,” he said.
According to him, Leadway remains well-positioned, strengthened and financially secured to continuously deliver its mandate of outstanding risk management and wealth creation to its policyholders.
Odukale assured that the insurance firm would continue to sustain value creation to its stakeholders and as market leaders, bolster customers’ confidence in the industry.
He said: “This performance further amplifies our quest to deepen insurance penetration in Nigeria and on the continent.
In his remarks, the Chairman of the Board of Directors, Leadway Assurance, Gen.Martin Luther Agwai said as a flexible and market-sensitive company, Leadway remains resilient and resolute in the execution of its business strategy and engagement with stakeholders across the value chain.
Agwai said: ” 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 the Nigeria’s foremost insurance companies committed to bridging the financial protection gap and increasing insurance penetration in Nigeria through its efficient and effective customer service delivery.
