Leadway Assurance Company Limited has announced a record N173.2 billion in insurance revenue, representing a 51 percent increase from N114.4 billion in 2023.
This growth the Company said not only solidifies Leadway’s market leadership but also significantly supports the Federal Government’s initiatives aimed at growing the Nigerian economy by contributing substantially to the nation’s financial services sector and fostering economic stability.
The company also reaffirmed its unwavering commitment to policyholder protection by settling N117 billion in total claims. This payout maintains Leadway’s eight-year streak as the industry’s highest claims-paying insurer, demonstrating the tangible benefits of insurance and building public trust, which is crucial for expanding the reach of insurance services, the company said.
This performance cements Leadway’s leadership in the Nigerian insurance industry, underscoring its ability to deliver sustained growth and customer-centric outcomes even in an operating environment challenged by rising inflation, exchange rate volatility, and declining consumer purchasing power.
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The revenue growth was primarily driven by strong performance across key lines of business in the company’s insurance portfolio. 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.
Commenting on the results, Gboyega Lesi, managing director of Leadway Assurance, said: “Our 2024 results reflect our resilience and readiness to adapt in an evolving market. This achievement is a testament to our commitment to innovation, technology-driven service delivery, and the relentless efforts of our exceptional workforce and partners.”
He further emphasised the company’s forward-looking agenda, stating: “We are committed to accelerating our digital transformation journey, enhancing risk management frameworks, and deepening strategic partnerships to sustain our market leadership.”
Martin Luther Agwai, retired general and chairperson of the Board, 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.”
“I am confident that Leadway is strategically positioned to navigate industry shifts and deliver long-term value to all stakeholders. Our ambition remains to be Nigeria’s leading insurance and non-banking financial services provider, guided by integrity, professionalism, and innovation.”
With continued focus on digital innovation, capital strengthening, and client focused solutions, Leadway Assurance is well-positioned to seize emerging opportunities and deliver exceptional value across Nigeria and the broader African continent, he said.
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