Leadway Assurance Company Limited has reported a robust financial performance for the 2024 fiscal year, recording N173.2 billion in insurance revenue — a 51 percent increase from N114.4 billion in 2023.
The company’s strong growth reaffirms its leadership position in Nigeria’s insurance sector and reflects its contribution to the Federal Government’s broader economic objectives, particularly in strengthening the financial services industry and fostering economic stability.
According to the company, the surge in revenue was largely driven by improved performance across its insurance portfolio, spanning non-life, life, and annuity businesses.
In line with its commitment to policyholder protection and public trust, Leadway paid out a total of N117 billion in claims during the year under review. This maintains the insurer’s eight-year record as the highest claims-paying company in Nigeria. Claims were disbursed across key business lines: N49.5 billion in non-life claims, N44.9 billion in annuity payments, and N23.2 billion in life insurance benefits.
“Our 2024 results reflect our resilience and readiness to adapt in an evolving market,” said Gboyega Lesi, Managing Director, Leadway Assurance. “This achievement is a testament to our commitment to innovation, technology-driven service delivery, and the relentless efforts of our exceptional workforce and partners.”
Chairperson of the Board, retired General Martin Luther Agwai, also praised the company’s performance, noting that it underscores the firm’s sound strategy and operational foresight.
“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,” Agwai said.
Leadway’s consistent claims performance and increasing revenue position it as a critical player in Nigeria’s push to deepen insurance penetration and build public confidence in the industry. As regulators intensify efforts to increase insurance uptake nationwide, the company’s results serve as a case study in financial resilience and sectoral leadership.
With these milestones, Leadway Assurance continues to expand its footprint while reinforcing the value of insurance as a tool for financial protection and economic development in Nigeria.
Stay informed, stay ahead with The Ameh News
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
