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Business News of Monday, 25 April 2022

Source: punchng.com

Leadway Assurance pays N48bn to policyholders

Leadway Assurance Company Limited Leadway Assurance Company Limited

Leadway Assurance Company Limited said its claims expenses rose by 10 percent as of the end of December 31, 2021 financial period, from N43.5bn in 2020.

It said in a statement that the shareholders’ fund also recorded an 18.8 percent increase, from N67.8bn in 2020 to N80.6bn in 2021, posting a total asset of N500.2bn in 2021.

The company also said it recorded a 31 percent premium income growth from N53.65bn in 2020 to N70.1bn in 2021, leading to a 27 percent rise in underwriting income.

The increase was hinged on the improvement in the annuity market following the lifting of lockdown and general improvement in the economy post-COVID-19 pandemic.

Speaking at the company’s 50th annual general meeting on Thursday, the Managing Director/Chief Executive Officer, Mr Tunde Hassan-Odukale, reiterated the company’s commitment to meeting its obligations to policyholders.

He said, “At the turn of the new decade last year, we reaffirmed our mission and mandate to deliver superior insurance services to individuals and corporates alike. That commitment has propelled us to maintain a year-on-year increase in our claims to our policyholders.

“This year, we paid the highest amount ever in the annals of the company and perhaps the largest in the insurance industry in 2021. Despite the prevailing economic realities and other adverse economic indices, we heralded this leadership position last year with an equally superior industry-leading payout.

“I am proud to be at the forefront of improving our customers’ lives, protecting their assets, and securing a future for their loved ones, an ethos that remain paramount to the company’s operations. We shall continue to deliver innovative, tech-infused product and service offerings across all channels while deepening insurance penetration in Nigeria and Africa at large.”

In his remarks, the Chairman, Board of Directors, General Martin Agwai, noted the company’s strategic risk decision trajectory with an underpinning corporate governance-led structure was the overarching driver in fulfilling its corporate vision.

“As it has been our strategy to strike a balance between overexposure of capital and total risk aversion in making business decisions, we reaffirm our goals to disrupt existing markets and, in the long term, maintain leadership positions across emerging and regional markets,” the chairman stated.