Leadway Assurance has become the first Nigerian company to cross the N100billion mark with total premium collection of N104.4 billion, the Managing Director/Chief Executive Officer, Mr. Tunde Hassan-Odukale, has said.
He spoke at the company’s 51st Annual General Meeting (AGM) in Lagos.
He stated that the N104.4 billion was achieved from Gross Written Premium of N92.5 billion, Savings & Investment of N10.8 billion and another N1.1 billion from its Ivorien Insurance subsidiary.
He said Leadway also remains the leader in its claims payment of 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.
“I will like to lay emphasis on 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,” Mr. Hassan-Odukale stated.
The company’s Chairman, General Martin Luther Agwai, said: “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.”
“Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organisation is committed to bridging the financial protection gap and increasing insurance penetration in Nigeria”, he added.
Credit: thenationonlineng.net
