Leadway Assuramce Gross Written Premium soars to N90.6 bn
By Ngozi Onyeakusi– Leadway Assurance Company Limited has posted a Gross Written Premium (GWP) to the tune of N90.6 billion for the financial year ended 31st December, 2019.
This represents an increase of four per cent over N87.5 billion recorded in 2018 which was attributed to the growth in its GWP boost from its composite business, specifically via the Specialty Life portfolio.
The firm equally paid over N136 billion claims to its policyholders in the past six years.
This was announced while presenting the company’s 2019 financial statement to its shareholders at the Company’s 48th Annual General Meeting (AGM) held at the weekend via a virtual platform in strict compliance with physical distancing in as directed by the World Health Organisation (WHO), the Federal and the State Governments in line with measures to curb the spread of COVID-19.
Speaking during the company’s AGM, the Managing Director/CEO, Tunde Hassan-Odukale, reiterated Leadway’s contingued commitment to its policyholders through prompt Claims payment, as the bedrock of the company’s business, stating that claims paid to its policyholders,has increased from N33.9 billion in 2018 to N38.5 billion in 2019.
The company, he said, posted stronger balance sheet size with 26 per cent growth from N312 billion recorded in 2018 to N394 billion in 2019. The company also posted a 4% increase in Gross Written Premium (GWP) from N87.5 billion in 2018 to N90.6 billion in 2019, which he said was attributed to the growth in its GWP boost from its composite business, specifically via the Specialty Life portfolio.
According to the MD/CEO, “We continue to demonstrate our commitment to our loyal customers through our customer services delivery channels, underpinned by a motivated team, outstanding brokers and agents, innovations and technology.
“I am proud that we have transmitted the principle of devoted customer-focus into a five-decade legacy that would continue to be the compass with which we steer the next half-century of operational excellence. With our balance sheet strength and technological innovations, we are confident of maintaining market leadership, whilst deepening insurance penetration to our youthful African population,” Tunde Hassan-Odukale said.
The Chairman, Board of Directors, General Martin Luther Agwai (CFR), while speaking to the shareholders, acknowledged the outstanding strategic leadership qualities, vision, and the prudence the erstwhile Managing Director, Oye Hassan-Odukale retired from the company after 38 years of dedicated stewardship.
He welcomed Tunde Hassan-Odukale “to chart the next path and phase of growth for Leadway to become a global competitor of the next generation’s reference.”
He maintained that the company is in pole position to meet the new regulatory requirements for recapitalization of the industry. “The prudence of the company’s Management over the years has prepared us for the regulations of today where we are in a good position to comply with the minimum share capital requirement without the exigency for any call on shareholders. I am also happy to inform you that the regulator has approved the company’s recapitalization plan and extended full compliance timeline till 31st December”, the Chairman added.
Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organization is committed to bridging the financial protection gap and increasing the rate of insurance penetration in Nigeria