Leadway Assurance Company Limited, has laced its insurance service with claims payment that is in excess of N136b in the past six years.
Its long standing calibration of insurance service by claims payment to policyholders was on the screen at the presentation of the 2019 financial statement to the company`s shareholders via a virtual platform in strict compliance with physical distancing as directed by the World Health Organisation (WHO), the federal and state governments in line with measures to curb the spread of Covid-19.
Reiterating Leadway`s continued commitment to prompt payment of claims to policy holders, the Managing Director/CEO, Tunde Hassan-Odukale, said it’s the bedrock of the company`s business, stating that claims paid to policyholders increased from N33.9b in 2018 to N38.5b in 2019.
The company sealed 2019 with a stronger balance sheet, a 26 per cent growth from N312b recorded in 2018 to N394b in 2019. The gross written premium increased from N87.5b to N90.6b, Hassan-Odukale attributed the growth in its GWP to its composite business, specifically via the specialty life portfolio.
He declares “We continue to demonstrate our commitment to our loyal customers through our customer services delivery channels, underpinned by a motivated team, outstanding brokers and agents, innovations and technology.
“I am proud that we have transmitted the principle of devoted customer-focus into a five-decade legacy that would continue to be the compass with which we steer the next half-century of operational excellence. With our balance sheet strength and technological innovations, we are confident of maintaining market leadership, whilst deepening insurance penetration to our youthful African population,” Tunde Hassan-Odukale said.
The Chairman, board of directors, Gen Martin Luther Agwai, (CFR) also cast the mind of the shareholders to the outstanding strategic leadership qualities, vision and the prudence the erstwhile managing director, Oye Hassan-Odukale, who retired from the company after 38 years of dedicated stewardship.
Agwai charged Tunde Hassan-Odukale “to chart the next path and phase of growth for Leadway to become a global competitor of the next generation`s preference.”
He expressed confidence for meeting the new regulatory requirements for recapitalisation of the industry. “The prudence of the company`s management over the years has prepared us for the regulations of today where we are in a good position to company with the minimum share capital requirement without the exigency for any call on shareholders. I am also happy to inform you that the regulator has approved the company`s recapitalisation plan.”