Leadway Assurance said its claims paid to its policyholders rose from N33.9bn in 2018 to N38.5bn in 2019 financial period.
A statement from the firm said this was disclosed during the presentation of the company’s 2019 annual financial results at its 48th annual general Meeting via a virtual platform.
The insurance company stated that this was in strict compliance with social distancing recommendations by the World Health Organisation, the Federal and the State Governments, as part of efforts to curb the spread of COVID-19.
The company’s balance sheet size was enlarged by 26 per cent from N312bn recorded in 2018 to N394bn in 2019 in support of a gross written premium of N90.6bn in 2019, with an increase of four per cent from N87.5bn in 2018.
It attributed the growth in its GWP to a boost in its composite business, specifically via the specialty life portfolio.
Speaking during the company’s Annual General Meeting, the Managing Director/Chief Executive Officer, Mr Tunde Hassan-Odukale, reiterated Leadway’s commitment to its policyholders through prompt claims payment, as the bedrock of the company’s business.
With this, the company said it had now paid over N136bn 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,” he said.
“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, while deepening insurance penetration to our youthful African population,” he add.
In his remark, the Chairman, Board of Directors, Gen. Martin Agwai, acknowledged the outstanding strategic leadership qualities, vision, and the prudence of the erstwhile Managing Director, Mr Oye Hassan-Odukale, who 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 was in a position to meet the new regulatory requirements for recapitalisation of the industry.
Agwai added, “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 recapitalisation plan and extended full compliance timeline till December 31.”
