Leadway Assurance Posts N173.2bn Premium

Ebere Nwoji

Leadway Assurance Company Limited, has said that it posted N173.2 billion premium for the year ended December 31, 2024.

This represents a 51 per cent increase from N114.4 billion in 2023. 

The company said the exceptional growth not only solidifies it’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.

In a move that aligns with the regulatory intention of deepening insurance penetration across Nigeria, the company also reaffirmed its unwavering commitment to policyholder protection by settling N117 billion in total claims. This payout , it stated, 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.

According to Leadway Managing Director, GboyegaLesi, said 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.

“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,” Gbeyoga said.

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.

 “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.”