How Leadway Assurance Became an Insurance Giant Without Listing on the NGX

…….Leadway Assurance Built a ₦173.2 Billion Insurance Giant Without Listing on the NGX as Experts Credit Strong Governance, Capital Discipline and Customer Trust
By The Ameh News

For more than 55 years, Leadway Assurance Limited has charted an unconventional but highly successful path in Nigeria’s insurance industry. While many financial institutions have relied on public listings on the Nigerian Exchange (NGX) to raise capital and finance expansion, Leadway has remained privately owned since its incorporation in 1970.
Yet, the absence of a stock market listing has not prevented the company from becoming one of Nigeria’s largest composite insurers. Instead, Leadway has built a reputation for financial resilience, prudent governance, aggressive claims settlement, disciplined investment management and steady expansion across multiple financial services businesses.
Its 2024 performance tells the story. The insurer generated ₦173.2 billion in insurance revenue, paid a record ₦117 billion in claims—its eighth consecutive year as the industry’s highest claims-paying insurer—and maintained one of the strongest capital positions in the sector. These achievements have been supported by a business model that relies on retained earnings, internally generated funds and shareholder support rather than public equity financing.
From its beginnings as a motor insurance company in 1970, Leadway has grown into a diversified financial services group with operations spanning general insurance, life insurance, health insurance, pensions through Leadway Pensure, trust services, asset management and regional subsidiaries, including operations in Côte d’Ivoire.
The company’s financial performance mirrors the consistency of its strategy. Insurance premium stood at ₦83 billion in 2021, increased to ₦104.4 billion in 2022, rose to ₦124.2 billion in Gross Written Premium (GWP) with ₦114.4 billion in insurance revenue in 2023, and climbed further to ₦173.2 billion insurance revenue in 2024.
At the same time, Leadway continued to reinforce customer confidence through prompt claims settlement. Claims paid grew from ₦57.5 billion in 2022 to ₦70.4 billion in 2023, before reaching an unprecedented ₦117 billion in 2024. Industry observers say this deliberate strategy has strengthened policy renewals, attracted new customers and reinforced the company’s brand as a dependable insurer.
Leadway’s financial resilience has also been driven by a substantial investment portfolio. In 2023, despite recording a negative insurance result following heavy claims in engineering and oil and gas as well as the impact of naira depreciation, the company remained financially strong because its ₦556.9 billion investment portfolio, largely invested in government securities, generated sufficient investment income to absorb underwriting pressure.
By the end of 2023, shareholders’ funds had reached ₦144.3 billion, while the company’s regulatory solvency margin stood at 8.4 times, comfortably above the minimum requirement set by the National Insurance Commission (NAICOM). GCR Ratings also affirmed Leadway’s financial strength rating at AA+ (NG) with a Stable Outlook, reflecting confidence in its capital adequacy, governance and risk management.
Another defining feature of the company has been leadership continuity. In compliance with NAICOM’s tenure regulations, Mr. Gboyega Lesi assumed office as Managing Director and Chief Executive Officer on January 1, 2024, succeeding Mr. Tunde Hassan-Odukale, who completed the regulatory tenure for chief executives. Rather than signalling disruption, the transition reinforced Leadway’s commitment to orderly succession and strong corporate governance.
The company is currently chaired by Mrs. Adebisi Lamikanra, who succeeded Gen. Martin Luther Agwai (Rtd.) as Independent Chairperson in late 2025. She leads a board comprising experienced professionals drawn from insurance, banking, law and international financial services, while the executive management team includes Olufunmilayo Amanwa, Executive Director, Technical and Operations; Kikelomo Fischer, Executive Director, Retail and Partnerships; and Olumide Hanson, Company Secretary.
Experts Explain the Winning Strategy
Reacting to questions from The Ameh News on why Leadway has continued to record sustainable growth despite remaining unlisted on the Nigerian Exchange, economist Celestine Ukpong said the company’s success lies in its unwavering focus on long-term value creation rather than short-term market expectations.
According to him, Leadway has demonstrated that strong corporate governance, prudent capital management and disciplined investment decisions can be more valuable than access to public equity markets.
“Leadway has consistently built its financial strength through retained earnings and profitable operations. It has avoided unnecessary dependence on the stock market while maintaining a solid capital base that supports expansion. Equally important is its reputation for prompt claims settlement, which has earned the trust of policyholders and strengthened customer loyalty,” Ukpong said.
He added that the company’s diversified operations across life insurance, general insurance, pensions, health insurance and investment management have reduced business risk and positioned it to withstand economic fluctuations.
Also speaking with The Ameh News, Peter Adebayo, FCA, said Leadway’s growth demonstrates that listing on the Nigerian Exchange is not the only route to building a successful financial institution.
According to him, “Leadway has become a reference point for prudent financial management in Nigeria’s insurance industry. The company has consistently reinvested profits, maintained strong solvency margins, built a resilient investment portfolio and complied fully with regulatory requirements. Those fundamentals have enabled it to grow sustainably without raising capital from the stock market.”
Adebayo noted that the company’s disciplined governance structure, experienced leadership and consistent claims settlement record have strengthened public confidence and contributed significantly to its long-term profitability.
Industry analysts believe Leadway’s journey provides an important lesson for corporate Nigeria. Its business model—anchored on private capital, diversified operations, strong governance, prudent investment management, prompt claims settlement and orderly leadership succession—shows that sustainable growth depends more on strategic discipline than on stock market visibility.
More than five decades after its incorporation, Leadway Assurance continues to prove that customer trust, financial resilience and consistent execution remain the true foundations of enduring corporate success.
Leadway Assurance has grown into a ₦173.2 billion insurance powerhouse without listing on the Nigerian Exchange. Experts tell The Ameh News that disciplined governance, strong capital management, prompt claims settlement and customer trust have driven the insurer’s sustainable growth over 55 years.