Leadway Assurance grows revenue to N173.2bn, pays N117bn in claims

By Henry Uche

Leadway Assurance Company Limited has announced a leap in its financial performance for the year ended December 31, 2024, with insurance revenue rising to N173.2 billion, marking a 51 percent increase from N114.4 billion in 2023.

The company’s revenue growth highlights its good position in Nigeria’s insurance industry and its continued contribution to economic stability by strengthening the financial services sector.

In a year marked by inflation, currency fluctuations and declining purchasing power, Leadway demonstrated strong support for policyholders by paying out a record N117 billion in claims, up from N70.4 billion in 2023.

This figure represents the eighth consecutive year in which Leadway has remained the industry’s highest claims-paying insurer, reinforcing public trust and affirming the practical value of insurance in everyday life.

“Our 2024 results reflect our resilience and readiness to adapt in an evolving market,” said Gboyega Lesi, Managing Director of Leadway Assurance. “This achievement is a testament to our commitment to innovation, technology-driven service delivery, and the relentless efforts of our exceptional workforce and partners.”

The company attributed its revenue growth to strong performance across core insurance portfolios. Of the N117 billion in claims paid, N49.5 billion came from the non-life segment, N44.9 billion from annuity payments, and N23.2 billion from life insurance claims.

Lesi emphasised the company’s strategic direction going forward: “We are committed to accelerating our digital transformation journey, enhancing risk management frameworks, and deepening strategic partnerships to sustain our market leadership.”

General Martin Luther Agwai (Rtd.), Chairperson of Leadway’s Board, described the 2024 financial results as a reflection of the company’s sound strategy and solid foundation. “Our 2024 financial performance demonstrates the agility, foresight, and robustness of our business model. It reflects the dedication of our people and the enduring trust of our customers,” he said.

Agwai further assured stakeholders of the company’s long-term vision: “I am confident that Leadway is strategically positioned to navigate industry shifts and deliver long-term value to all stakeholders. Our ambition remains—to be Nigeria’s leading insurance and non-banking financial services provider, guided by integrity, professionalism, and innovation.”