Sustained Growth and Unwavering Commitment to Claims Settlement
Beyond its impressive revenue growth, Leadway Assurance also highlighted its significant commitment to policyholders by settling a staggering N117 billion in claims during the same period. This substantial payout maintains the company’s eight-year streak as the industry’s highest claims-paying insurer, a testament to its operational efficiency and dedication to customer service.
Mr. Gboyega Lesi, Managing Director of Leadway Assurance, emphasized that this robust performance underscores the company’s industry leadership and its consistent ability to deliver sustained growth while prioritizing client satisfaction. "Claims expenses rose from N70.4 billion in 2023 to N117 billion in 2024, with the non-life segment accounting for N49.5 billion, followed by N44.9 billion in annuity payouts and N23.2 billion in life business claims," Lesi detailed, providing a breakdown of the payouts across various segments.
Resilience, Innovation, and Future Outlook
Lesi attributed these exceptional results to the company's resilience and adaptability within an evolving market landscape. "This achievement is a testament to our commitment to innovation, technology-driven service delivery, and the relentless efforts of our exceptional workforce and partners," he stated. He further outlined the company’s strategic agenda, affirming, "We are committed to accelerating our digital transformation journey, enhancing risk management frameworks, and deepening strategic partnerships to sustain our market leadership."
General Martin Luther Agwai (rtd), Chairperson of Leadway Assurance, echoed these sentiments, remarking, “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.” He expressed confidence in Leadway’s strategic positioning to navigate industry shifts and deliver long-term value to stakeholders. “Our ambition remains to be Nigeria’s leading insurance and non-banking financial services provider, guided by integrity, professionalism, and innovation,” Agwai concluded.
Leadway Assurance's latest financial results reinforce its status as a pivotal player in Nigeria’s financial services industry, showcasing a blend of aggressive growth strategies and a strong focus on fulfilling its core mandate of protecting policyholders.