Leadway Assurance records N104.4bn premium income, highest ever in the industry

Leadway Assurance, a leading Nigerian insurance company, recorded a total premium collection of N104.4 billion, becoming the first in the nation insurance sector  to cross three digit billion mark in 2022.

The company said that it grossed a Written Premium of N92.5 billion, Savings and Investment income of iN10.8 billion and another N1.1 billion from its Ivorien Insurance subsidiary.

Leadway said that it remains the leader in the area of claims payment where it paid claims amounting  to N57.5 billion making it the largest claim payer in the industry consistently in the last seven years.

Also, its consolidated financial strength in 2022 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.

Disclosing this at the 51st Annual General Meeting (AGM) of the company on Friday, its Managing Director/Chief Executive Officer, Mr. Tunde Hassan-Odukale, attributed the success of the company to 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.

His words: “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”, Mr. Hassan-Odukale stated.

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