Leadway Assurance Company Limited at the end of 2020 financial year paid out N43.52 billion on claims, reconfirming its strong capacity to meet customer expectations and obligations when risk crystallizes.
The underwriter, undoubtedly the largest insurer in Nigeria has total assets of N523.19 billion in 2020 financial year, from N394.77 billion the previous year, which further underscores its strength to meet liabilities now and in the future.
Its gross premium income in 2020 dropped to N53.65 billion, as against N90.59 billion in 2019, largely as result of low economic activities occasioned by Covid-19 pandemic, but its realisations from investment returns lifted the bottom line that also gave shareholders course to rejoice.
The company grew its investment income to N37.16 billion, as against N31.8 billion in 2019, while profit before tax for the year was N11.53 billion, as against N11.29 billion. It however closed the year with profit after tax of N11.31 billion, as against N10.85 billion in 2019.
The company says, the value it has created over the years is embedded in the loyalty and commitment of the greatest number to keep Leadway as a legacy for several generations.
Read Also: Why some insurance policies are compulsory
“We are sincerely grateful to our treasured customers,
brokers, agents and other stakeholders who have objectively trusted in the liquidity advantage and unmatched conservative risk reserves we hold as a yardstick for placing certain risks with us. We are equally grateful to them for the
testimonial campaign which attests to us as the insurer to beat in claims payment, recounting the words of one of the Company’s beacon and former MD/CEO – ‘Oye Hassan-odukale’ whose contribution to the success of the company remains indelible.
Also credited to him, he said “we will not rest on our oars and will intensify our corporate strategy to identify the needs, behavior and culture of our potential customers with an attentive ear to marketfeedback and create products to address and protect the underlying risks the populace is susceptible to.”
In January 2020, the Company further demonstrated succession planning capability when it welcomed its new leadership, led by Tunde Hassan-odukale, Managing Director of Leadway Assurance Company whose continued drive for success has kept the company going and getting stronger.
For over 50 years, Leadway has honoured its underwriting commitments and has earned its reputation of excellence in claims handling. The evolution of Leadway since 1970 has mirrored the dramatic expansion of indigenous insurance service providers, with Leadway remaining in the forefront as an insurer of repute.
The reputation enjoyed today by Leadway has been attained by the continuing pursuit of improvements to maintain competitive advantage. All aspects of the business are approached with discipline; the recruitment of staff, the development of products, the advancement of technologies and the personal service offered to each client.
Founded in 1970, Leadway Assurance Company is the leading composite Insurance Underwriter in Nigeria, having built a solid reputation on Integrity, Prompt Claims Settlement and Innovative Service
We provide efficient financial solutions leveraging on our unique capabilities and skills to bring Insurance as a risk management tool to our clients.
Our superior capabilities in Claims settlement as well as solid financial reputation are put behind our diverse clientele who have entrusted us with undertaking their risks.
In 1960, Sir Olusola Hassan-odukale, a textile merchant trading in fabric for suits, shirts, and ties, became the first individual insurance agent for any insurance company in the North of Nigeria. Thus, he began his insurance experience, which would later culminate into him setting up Gaskiya (Hausa word for integrity) Insurance Brokers. In 1970, the brokerage was transformed to Leadway Assurance Company Limited, laying the foundation of what has now become Nigeria’s leading insurance company. The company commenced operations in the first quarter of 1971.
The Organisation began expanding its network by opening state of the art buildings in Port Harcourt and Abuja respectively in August 1996 and June 2013 in a bid to increase its footprint nationwide. In 2011, the company moved into its new corporate office edifice in Iponri, Surulere. By 2013, Leadway had spread to 16 other locations across the country, along with 22 agency offices.
In line with the goal to drive retail insurance, Leadway stretched the lead further by creating the first mobile office in Nigeria, making insurance products and services more accessible and closer to the Nigerian public. Also, as a part of their further plans for growth and expansion, they opened an insurance subsidiary in Cote D’ivoire, Leadway Vie.
Its products are unique, including the Leadway Investment Plan that is specially designed to help you grow a lump sum over a specified period of time. It offers attractive returns and comes with a free life insurance cover to ensure that you can still create wealth for your loved ones even in the event of an unfortunate event.
