Leadway Assurance pays N136bn claims to policy holders

Leadway Assurance Company Limited has paid over N136 billion in claims to its policy holders in the last six years.

In 2019 financial year, the company paid N38.5bn claims, representing N4.6bn increase from the N33.9bn claims it paid in 2018.

These details were contained in the company’s financials presented to shareholders during the company’s 48th Annual General Meeting (AGM) for the financial year ended December 2019 held virtually in strict compliance with the COVID-19 social distancing protocol issued by government.

During the financial year, the risk underwriting company reported N394bn balance sheet or 26% higher than the N312bn recorded in 2018.

The financials also show that it posted a Gross Written Premium of  N90.6bn in 2019, representing an increase of 4 percent over the N87.5billion recorded in the preceding year.

Speaking during the company’s virtual AGM, the Managing Director, Mr. Tunde Hassan-Odukale reiterated the Board and management’s commitment to its policyholders through prompt claims payment, as the bedrock of the company’s business.

“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”,  Hassan-Odukale enthused.

In his remarks, the Chairman, Board of Directors, General Martin Luther Agwai acknowledged said that the company is in a comfortable position to meet the new regulatory requirements for recapitalization of the industry.