Leadway Assurance Company Limited has restored policyholders, who suffered insured risks, to their previous financial positions with N48billion claims paid in its 2021 financial year.
Just as the business of Insurance requires that the insured must be returned back to the financial position he/she was before disaster struck, Leadway has promised to continue to do this by paying genuine claims promptly.
Leadway Assurance’s claims expenses for 2021 recorded a 10 per cent increase from N43.5billion in 2020 to N48 billion in 2021. The shareholder’s fund also recorded 18.8 per cent increase from N67.8 billion in 2020 to N80.6billion in 2021, while posting a Total asset of N500.2 billion in the last financial year.
The company also recorded a 31 per cent premium income growth from N53.65 billion to N70.1 billion, resulting to a 27 per cent rise in underwriting income within the period under review. The increase is hinged on 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 (AGM) at the weekend, the managing director/CEO, Tunde Hassan-Odukale, reiterated the company’s steadfast commitment to the meeting its obligations to policyholders.
“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 claimsto 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. I am proud to be at the forefront of improving of our customers’ lives, protecting their assets, and securing a future for their loved ones, an ethos that remain paramount to the company’s operations,” Hassan-Odukale stated.
In his remarks, its chairman, General Martin Luther Agwai (rtrd), pointed to the company’s strategic risk decision trajectory with an underpinning corporate governance-led structure as 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.