Leadway Assurance Company Limited has reported a substantial increase in claims payments, disbursing N67.1 billion to policyholders with valid claims in 2023. This figure represents a notable rise from the N57.5 billion settled in 2022, reflecting the company’s continued commitment to its clients.
The trajectory of Leadway’s claims payments has been marked by steady growth since 2016, when it paid out N23 billion—the highest amount by any single insurer that year. The company’s claims payments steadily increased in subsequent years, reaching N27.40 billion in 2017 and N33.80 billion in 2018. By 2019, this figure had risen to N38.40 billion, showcasing Leadway’s dedication to meeting the needs of its policyholders.
In 2020, amidst the challenges posed by the COVID-19 pandemic, Leadway demonstrated remarkable resilience and support by settling N43.5 billion in claims. The company continued its upward trajectory with N48 billion in claims payments in 2021 and N57.5 billion in 2022.
At the company’s 52nd Annual General Meeting (AGM), Managing Director Mr. Gboyega Lesi underscored Leadway’s dedication to its policyholders, stating, “Our substantial and consistent claims payments have not only reinforced the trust and confidence of our policyholders but have also set a new benchmark in the industry.” He highlighted Leadway’s commitment to operational efficiency, innovation, and enhancing customer experience.
Mr. Lesi further expressed the company’s ambitions, saying, “We remain focused on becoming the leading insurance provider in Nigeria. Our strategic emphasis on customer-centricity, digital transformation, and business agility will drive our continued growth and success.”
General Martin Luther Agwai (Rtd), Chairman of the Board of Directors, added, “As market leaders, we are dedicated to sustainable growth. We aim to reach new customer segments and explore innovative distribution channels to better serve our clients.”