• As total income hits N104.4bn
By Henry Uche, Lagos
Leadway Asuurance has becomes the first Nigerian insurance company to cross 3-digit billion mark with total premium collection of N104.4billion of which Gross Written Premium is N92.5billion, Savings & Investment at N10.8 billion with another N1.1billion from its Ivorien Insurance subsidiary.
A statement by the insurer said it also remains the leader in claims payment at N57.5billion, making it the largest claim payer in the industry consistently in the last seven years, thus showcasing the benefits of insurance as an intervening tool in preventing financial losses.
The company said it has consequently consolidated its financial strength in the year under review having recorded an increase in its total asset base from N502billion in 2021 to N535billion in 2022, while Risk Premium significantly rose from N71billion in the previous year to N93billion in the year under review.
Consequently, the group recorded a 26percent increase in Total Premium from N83billion in 2021 to N104.4billion in 2022 with the growth attributed to the business’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) recently, the Managing Director/Chief Executive Officer, Mr. Tunde Hassan-Odukale, emphasised the company’s commitment to prompt claims payment to its esteemed policyholders despite the uncertainties and complexities surrounding 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”
Hassan-Odukale added that the company has continued to sustain value creation to its 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”, he maintained.
In a remark, the Chairman of the Board of Directors, Martin Luther Agwai 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.”