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Chuks Udo Okonta
Insurers, brokers and other stakeholders are pouring encomium on Leadway Assurance Limited on its N104.4 billion premium income generated in 2022.
Leadway Assurance set a record in the Nigeria’s insurance market by becoming the first company to cross 3-digit billion mark with total premium collection of N104.4 billion in 2022, of which Gross Written Premium GWP) is N92.5 billion, Savings & Investment is N10.8 billion and another N1.1 billion from its Ivorien Insurance subsidiary.
President & Chairman, Governing Board, Nigerian Council of Registered Insurance Brokers (NCRIB) Rotimi Edu, in a congratulatory letter sent to the underwriting firm, which was made available to Inspenonline, noted that the Governing Board and entire members of the Council received with great delight the news of the impressive record set by “Leadway” as the first Nigerian Insurance company to cross 3-digit billion mark.
Edu stated that the news was not shocking to the Council, going by the company’s rich heritage of professional and excellent customer service, creativity and superb human capital development.
“There is no doubt that “Leadway” has through this sterling feat changed the narrative of insurance industry’s image in Nigeria, for which our Council and its members are most delighted,” Edu posited.
He maintained that as partners in progress, he used the medium to assure the company of the Council’s and members’ support for more accomplishments.
Edu said the success achieved by the firm speaks to corporate culture of the company; superb human capital development; integrity as we as effective succession planning model laid by the founder of the firm Pa. Odukale.
He said the feat also speaks to the diversification of the firm’s portfolio, stressing that Leadway remains the best diversified insurance company in Nigeria.
He said the achievement is a redefinition of the position of the insurance industry which hitherto was regarded as the poor cousin of the banks and laggard within the financial eco-system.
He implored other insurance firms to brace up to enable the brace similar tap soonest.
An insurer, Austin Nwoko, said: “That’s awesome! Congratulations! When an organisation aspires to make its workforce have social & personal commercial success it cant be stopped….You want to have this type of figures – Had work alone wont take you there…. Be fair to your people. Treat your people well. Differ some Corporate gratifications for the good of your workforce. Be fair to your customers. Pay your people well—Be visible. Some underwriters are only known by their street neighbors and they end up with N6 billion gross every year.”
Ben Sodonu said: “That’s the numbers folks! That’s what happens when you pay claims and make your employees part-owners of your organisation. Congratulations Leadway.”
Okechukwu Mordi said: “Congratulations Leadway Assurance. Am happy to have contributed to your early beginning in the late 80s while at Hogg Robinson Nigeria. Your present versatility is unrivalled.”
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