Leadway Assurance grows total assets by 26 per cent to N394bn

Leadway Assurance Company Limited, on Friday, held its 48th Annual General Meeting (AGM) via a virtual platform in strict compliance with social distancing recommendations by the World Health Organisation, the federal and state governments, as part of efforts to curb the spread of COVID-19.

At the virtual AGM, the company presented its 2019 Financial Year results to its shareholders, where it announced the growth of its balance sheet size by 26 per cent from the N312billion recorded in 2018 to N394billion in the year under review.

The company also witnessed an increase in claims paid to its policyholders, from N33.9billion in 2018 to N38.5billion in 2019, while its Gross Written Premium (GWP) rose to N90.6billion in 2019 from the N87.5billion posted in 2018. The company attributed the growth in its GWP to a boost in its composite business, specifically via the Specialty Life portfolio.

Speaking during the company’s AGM, the MD/CEO, Mr Tunde Hassan-Odukale, reiterated Leadway’s continued commitment to its policyholders through prompt claims payment, as the bedrock of the company’s business, adding that the company has paid over N136billion in claims in the last six years.

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“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,” Hassan-Odukale said.

In his remark, the chairman, Board of Directors, General Martin Luther Agwai, acknowledged the outstanding strategic leadership qualities, vision, and the prudence the erstwhile Managing Director, Mr Oye Hassan-Odukale, who retired from the company after 38 years of dedicated stewardship.

He welcomed Mr Tunde Hassan-Odukale and charged him “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 the recapitalisation 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.

NIGERIAN TRIBUNE