Leadway Assurance settles N23bn claims, records 13% rise in gross premium income

2017.06.19

Appoints new Directors to its Board

By Favour Nnabugwu

LEADWAY Assurance Company Limited has settled N23billion claims as at the end of December 31, 2016 even as it recorded 13 per cent rise in gross premium income to N52.7 billion fromN46.6 billion.

Commenting on the performance, the newly appointed Chairman, Gen. Martin Luther Agwai, expressed his optimism and confidence in the company’s successes and aspirations saying, ”We are consistently inspired by the doggedness, unflinching support and patronage of our revered customers, brokers, agents and other stakeholders. We thank you for your continued loyalty and pledge our improved services to your contentment.”

Managing Director of the company, Mr. Oye Hassan-Odukale, said the 2016 results of Leadway Assurance is in keeping with the promise the company has made to its customers over the years, maintaining its position as the highest claims paying insurance company for over five years now.

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“The current reality of our operating environment appears dire and continues to test us on all fronts. However, we continue to find ways to deepen penetration of insurance by educating the public and encouraging them to ‘Think Leadway’ once they have decided to buy insurance.”

Despite the depressed economic environment, the insurer’s investment income grew to N10.5 billion in 2016 from N7.4 billion in 2015 while the company’s asset stood at N166 billion in 2016 from N137.3billion 2015.

The company announced the appointment of three non-executive directors to its Board following the retirement of three erstwhile directors in compliance with the 2009 NAICOM Code of Good Corporate Governance.

The new appointees include Gen. Martin Luther Agwai, who now holds the position of Chairman while Mr. Oluseyi Bickersteth and Mr. Odein Ajumogobia are Non-Executive Directors.