* Grows total assets by 26% to N394bn
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Chuks Udo Okonta
Leadway Assurance Company Limited has held its 48th Annual General Meeting (AGM) via a virtual platform in strict compliance with social distancing recommendations by the World Health Organisation (WHO), the Federal and the 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 and, among critical announcements made at the Annual General Meeting, was an increase in claims paid to its policyholders, from N33.9 billion in 2018 to N38.5 billion in 2019. The company also posted stronger balance sheet size which enlarged by 26 per cent from N312 billion recorded in 2018 to N394 billion in 2019 in support of a Gross Written Premium (GWP) of N90.6 billion in 2019, itself with an increase of 4% from N87.5 billion 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 Managing Director/CEO, Tunde Hassan-Odukale, reiterated Leadway’s continued commitment to its policyholders through prompt Claims payment, as the bedrock of the company’s business. With this, the company has now paid over N136 billion in claims in the last six years.
“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,” Tunde Hassan-Odukale said.
In his remark, the Chairman, Board of Directors, General Martin Luther Agwai (CFR) acknowledged the outstanding strategic leadership qualities, vision, and the prudence the erstwhile Managing Director, Oye Hassan-Odukale retired from the company after 38 years of dedicated stewardship.
He welcomed Tunde Hassan-Odukale “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 recapitalization 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.
Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organization is committed to bridging the financial protection gap and increasing the rate of insurance penetration in Nigeria.