INFO: Leadway Assurance becomes first Nigerian insurance company to cross N100bn premium
With total premiums collected of N104.4 billion, including N92.5 billion in Gross Written Premium, N10.8 billion in Savings & Investment, and an additional N1.1 billion from its Ivorien Insurance subsidiary, Leadway Assurance has become the first Nigerian insurance business to surpass the 3-digit billion milestone.
According to a statement from the insurer, it also continues to be the leader in claims payment with N57.5 billion, making it the industry’s highest claim payer regularly for the past seven years, demonstrating the advantages of insurance as a preventative measure for averting financial losses.
The company claimed that by recording an increase in its total asset base from N502 billion in 2021 to N535 billion in 2022, as well as a marked increase in risk premium from N71 billion in the prior year to N93 billion in the year under review, it had strengthened its financial position.
As a result, the firm saw its Total Premium rise by 26%, from N83 billion in 2021 to N104.4 billion in 2022. This development was attributable to the company’s ability to both acquire a new firm and Life business and renew the current business.
The Managing Director/Chief Executive Officer, Mr. Tunde Hassan-Odukale, stressed the company’s commitment to fast claims settlement to its respected policyholders at the company’s 51st Annual General Meeting (AGM) recently despite the uncertainties and complications.
“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”
Hassan-Odukale added that the company has continued to sustain value creation for its 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”, he maintained.