Leadway Assurance Company Limited has said it successfully grew its Profit After Tax (PAT) by 125 per cent, from N2.8 billion in 2014 to N6.3billion in 2015.
This is despite the obstacles in the economy, which made it difficult for many businesses to keep head above waters.
The company however grew its gross premium by mere 20 percent from N39 billion in 2014 to N46.6 percent in 2015.
This was disclosed at the 44th Annual General Meeting of the company held in Lagos.
Addressing shareholders at the meeting, the acting chairman of the company, Mr. Jeremy Rowse said Leadway also grew its asset by 37percent from N100.5billion in 2014 to N137.3 billion in 2015.
He also said Leadway was committed to fulfilling its promises to customers adding that the company proved this in the year under review through payment of N14.3 billion claims to clients during the period, showing 13% increase from the N 12.7billion claims paid in the previous year.
This, according to Rowse, positioned Leadway as the highest claims paying insurance company in the industry during the period under review.
Rowse said with various guidelines aimed at reinforcing standards and encouraging confidence in the Nigerian insurance industry, his company remains poised to take advantage of emerging growth opportunities to compete effectively within its immediate market and the larger global markets.”
He noted that as the Nigerian polity itself becomes restructured to tackle the myriads of socio-political, economic and infrastructural challenges facing it, the opportunity for increase in insurance penetration and contribution to GDP should increase adding that on its part, Leadway would maximise its resources to remain competitive within the retail segment of Nigerian Insurance Market.
The company’s management thanked the erstwhile chairman of the company Mallam Umar Yahaya and two other directors, Dr. Konyin Ajayi and Dr. A. B. C. Orjiako for their excellent directorship whilst on board of the company which they recently resigned.
Established over 45 years ago, Leadway is a composite insurance company underwriting both Life and General Insurance business with branches spread across Nigeria.
Rowse said Leadway also offers subsidiary financial services like Bonds, Secured Credit, Miscellaneous financial losses and Fund/Portfolio management.
He added that with core values of i-SCORE meaning; integrity, Service, Customer focus, Openness, Respect-for-the-individual and excellence, Leadway’s reputation has been attained by the continuing pursuit of improvements to maintain its competitive advantage within Nigerian insurance market environment.