Leadway Assurance Company Limited has posted N173.2 billion in insurance revenue, representing a 51 per cent increase from N114.4 billion recorded in 2023.
The company stated that the exceptional growth not only solidifies Leadway’s market leadership but also significantly supports the Federal Government’s initiatives aimed at growing the Nigerian economy by contributing substantially to the nation’s financial services sector and fostering economic stability.
In a move that aligns with the regulatory intention of deepening insurance penetration across Nigeria, the company also reaffirmed its unwavering commitment to policyholder protection by settling an impressive N117 billion in total claims. This payout maintains Leadway’s eight-year streak as the industry’s highest claims-paying insurer, demonstrating the tangible benefits of insurance and building public trust, which is crucial for expanding the reach of insurance services.
The company stated that the revenue growth was primarily driven by strong performance across key lines of business in the company’s insurance portfolio. Claims expenses rose from N70.4 billion in 2023 to N117 billion in 2024, with the non-life segment accounting for ?49.5 billion, followed by ?44.9 billion in annuity payouts and ?23.2 billion in life business claims.
Commenting on the results, Gboyega Lesi, Managing Director of Leadway Assurance, said: “Our 2024 results reflect our resilience and readiness to adapt in an evolving market. This achievement is a testament to our commitment to innovation, technology-driven service delivery, and the relentless efforts of our exceptional workforce and partners.”
General Martin Luther Agwai (Rtd.), Chairperson of the Board, added: “Our 2024 financial performance demonstrates the agility, foresight, and robustness of our business model. It reflects the dedication of our people and the enduring trust of our customers”.
News Source: vanguardngr
