BY PETER USMAN
The Managing Director of Leadway Assurance, Gboyega Lesi, has disclosed that Leadway Assurance Company Limited posted a record-breaking N173.2 billion revenue, representing a 51 per cent increase from N114.4 billion in 2023.
Giving details of the payout, Lesi disclosed that the company also settled N117 billion in claims during the period under review.
He said the payout maintains the company’s eight-year streak as the industry’s highest claims-paying insurer.
Lesi explained that the robust performance cements Leadway’s leadership in the industry, underscoring its ability to deliver sustained growth and customer service.
According to him, “Claims expenses rose from N70.4 billion in 2023 to N117 billion in 2024, with the non-life segment accounting for N49.5 billion, followed by N44.9 billion in annuity payouts and N23.2 billion in life business claims.’’
He emphasised the company’s agenda, stating: “We are committed to accelerating our digital transformation journey, enhancing risk management frameworks, and deepening strategic partnerships to sustain our market leadership.”
The company’s Chairperson, General Martin Luther Agwai (rtd), added: “Our 2024 financial performance demonstrates the agility, foresight, and robustness of our business model. It reflects the dedication of our people and the enduring trust of our customers.”
He expressed confidence that Leadway is strategically positioned to navigate industry shifts and deliver long-term value to stakeholders.
“Our ambition remains to be Nigeria’s leading insurance and non-banking financial services provider, guided by integrity, professionalism, and innovation,” the Managing Director stated.