Leadway total premium hits record high N104.4bn in 2022
By Cynthia Ezekwe
Leadway Assurance Limited, recorded a total premium collection of N104.4 billion in its 2022 financial year,becoming the first Nigerian company to cross the 3-digit billion mark.
According to the company’s financial results, the Gross Written Premium (GWP) stood at N92.5 billion, savings and investment was N10.8 billion, while its Ivorian Insurance subsidiary generated N1.1 billion in the period under review.
The company also recorded claims payment of N57.5 billion making it the largest claim payer in the industry consistently in the last seven years, thereby showcasing the benefits of insurance as an intervening tool in preventing financial losses.
The 2022 audited financial results showed that the company recorded an increase in its total asset base from N502 billion in 2021 to N535 billion in 2022, while risk premium increased from N71 billion in the previous year to N93 billion in the year under review.
Meanwhile, the group recorded a 26 per cent increase in total premium from N83 billion in 2021 to N104.4 billion in 2022 with the growth attributed to the business’s ability to acquire new businesses for group life insurance, and its capacity to renew existing businesses.
Tunde Hassan-Odukale, the managing director/chief executive officer, while speaking at the company’s 51st Annual General Meeting (AGM) held recently, pointed out the commitment to prompt claims payment to its esteemed policyholders despite the uncertainties and complexities surrounding the economic realities in the country and across the world.
Hassan-Odukale described the company’s 2022 performance as a milestone, despite the prevailing economic conditions and the debilitating double-digit inflationary pressures.
“We remain well-positioned, strengthened and financially secured to continuously deliver our mandate of outstanding risk management and wealth creation to our policyholders. We continue to sustain value creation to our stakeholders and as market leaders, bolster customers; confidence in the industry. This performance further amplifies our quest to deepen insurance penetration in Nigeria and on the continent,” he added.