Leadway Assurance gross premium up 20 percent to N46.6 bn

Leadway Assurance Company Limited has published its audited 2015 financial year results showing  an impressive 37 percent growth in assets to N137.3billion from N 100.5 billion in 2014.

The company reaffirmed its commitment to clients by paying claims in excess of N14.3billion, a 13 percent increase from the N 12.7billion record of 2015, making it the highest claims’ paying insurance company in the industry.

The company wrote a 20 percent increase in Gross Premium from N 39 billion in the prior year to

N 46.6 billion this year though with fairly modest underwriting results.

With good performance on its investments, Leadway reported a record 125 percent growth in the company’s profit after tax to N6.3bn from N2.8bn in 2014.

Speaking during the presentation of the results, the Acting Chairman, Jeremy Rowse, stated that “with various guidelines aimed at reinforcing standards and encouraging confidence in the Nigerian insurance industry, the company remains poised to take advantage of emerging growth opportunities to compete effectively within its immediate market and the larger global markets.”

He further stated that “as the Nigerian polity becomes restructured to tackle the myriads of socio-political, economic and infrastructural challenges facing it, the opportunity for increase in insurance penetration and contribution to GDP should increase. On our part we will maximize our resources to remain competitive within the virgin retail space and in the face of softening commercial insurance rates.”

The company thanked the erstwhile chairman Mallam Umar Yahaya and two other directors, Konyin Ajayi and A. B. C. Orjiako for their excellent directorship whilst on board of the company which they recently resigned.

Established over 45 years ago, LEADWAY is a composite insurance company underwriting both Life and General Insurance business with branches spread across Nigeria. It also offers subsidiary financial services like Bonds, Secured Credit, Miscellaneous financial losses and Fund/Portfolio management.

With core values of I-SCORE meaning; integrity, Service, Customer focus, Openness, Respect-for-the-individual and Excellence, LEADWAY’s reputation has been attained by the continuing pursuit of improvements to maintain its competitive advantage within a very soft market environment.

MODESTUS ANAESORONYE