Leadway Assurance Company Limited has said the total claims it paid to its customers rose from N27.4bn in 2017 to N33.8bn in 2018 financial period.
During its 47th Annual General Meeting in Lagos, the company said its assets base rose by 15 per cent to N312.7bn in 2018 from N271.9bn in 2017.
In a statement, it said that its gross written premium rose by four per cent from N84.1bn in 2017 to N87.5bn in 2018.
Speaking during the company’s meeting, the Managing Director/ Chief Executive Officer, Mr Hassan Odukale, restated the company’s commitment to prompt claims payment as the cornerstone of its business principle.
He stated that the company had paid claims in excess of N110bn in the last five years.
Odukale stated, “The value we have created over the years is embedded in the loyalty and commitment of the greatest number to keep Leadway as a legacy for several generations.
“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.”
On the future outlook of the company Gen. Martin Agwai said Leadway’s operation in 2019 and beyond would be driven by the strategy of using digitisation and creativity to harness unexploited and prompt means of selling insurance as a contingency benefit to its target market.
He added that it would also strategically deepen the penetration of insurance to smallholder farmers in every community through the instrumentality of Area Yield Index Crop insurance and creating insurance awareness in the rural communities.
The chairman said that with Leadway Vie (a Leadway subsidiary domiciled in Abidjan, Cote D’Ivoire), the company had settled its presence in West Africa, beyond Nigeria, and was moving up the ladder to joggle the market and inscribe Leadway Vie as an enviable company within Cote D’Ivoire.
