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LEADWAY BECOMES FIRST INSURANCE COY TO CROSS N104.4BN IN TOTAL PREMIUM

Business | 6 hours ago

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Kayode Tokede

Leadway has emerged the first insurance company in Nigeria to cross 3-digit
billion mark with total premium collection of N104.4 billion of which Gross
Written Premium is N92.5 billion, Savings & Investment is N10.8 billion and
another N1.1 billion from its Ivorien Insurance subsidiary.

Also, Leadway remains the leader in claims payment with N57.5 billion, making it
the largest claim payer in the industry consistently in the last seven years,
thereby showcasing the benefits of insurance as an intervening tool in
preventing financial losses.

The company also 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, while 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 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) held in Lagos, the
Managing Director/Chief Executive Officer, Mr. Tunde Hassan-Odukale, emphasised
the company’s resolute commitment to prompt claims payment to its esteemed
policyholders despite the uncertainties and complexities surrounding the
economic realities in 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. We continue 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 stated.

In his remarks, the Chairman of the Board of Directors, General Martin Luther
Agwai (Rtd) 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.”



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