Leadway Assurance Company Limited has maintained another year-on-year increase with N48 billion claims – the highest annual claims expense by the company as of December 31, 2021.
Leadway’s claims expenses for 2021 recorded a 10 per cent increase from N43.5bn in 2020 to N48bn, relative to the previous year. The shareholder’s fund also recorded an 18.8 per cent increase from N67.8bn in 2020 to N80.6bn in 2021, while posting a total asset of N500.2bn in 2021, the company’s financials have shown.
The company also recorded a 31 per cent premium income growth from N53.65bn in 2020 to N70.1bn in 2021, leading to a 27 per cent rise in underwriting income. The increase is hinged on the improvement in the annuity market following the lifting of lockdown and general improvement in the economy post-COVID-19.
Speaking at the company’s 50th Annual General Meeting (AGM), its managing director/chief executive officer, Mr Tunde Hassan-Odukale, reiterated the company’s steadfast commitment to meeting its obligations to policyholders.
Mr Hassan-Odukale said, “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 remains 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.”
The chairman, board of directors of Leadway, General Martin Luther Agwai (Rtd) said, “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.”