Leadway Pays N67.1bn Claims, Maintains Position as Industry Leader

Leadway Assurance Company Limited said it paid a total of N67.1bn in claims as at December 31, 2023 .

With this, the company said it has proudly maintained its position as the industry leader in claims payments for the eighth consecutive year, adding that the claims payment this year was  a significant increase from the N57.5bn paid in 2022. 

Leadway Chairman General Martin Luther Agwai (rtd), addressing Shairholders at the 52nd annual general meeting of the company in Lagos said the remarkable journey began in 2016 with N23 bn in claims payments, the highest by any individual insurer that year. 

According to him, each subsequent year has seen substantial growth, from N27.40 bn in 2017 to N33.80 bn in 2018, reflecting Leadway’s unwavering commitment to its policyholders.

In 2019, he said claims payments rose to N38.40 bn, showcasing Leadway’s ongoing dedication to excellence. 

He added that despite  the challenges of the COVID-19 pandemic in 2020, the company supported its policyholders with N43.5 bn in claims, demonstrating resilience and reliability. 

He added that the  unprecedented and sustained trend continued with N48 bn in 2021 and an impressive N57.5 bn in 2022.

Also speaking at the meeting, Leadway Managing Director Mr. Gboyega Lesi emphasised that Leadway’s substantial and consistent claims payments had earned the trust and confidence of policyholders, setting a benchmark in the industry. He highlighted the company’s focus on operational efficiency, innovation, and customer experience enhancement.

“We remain ambitious in our quest to be the dominant insurance company in Nigeria,” Lesi stated, adding, “Our strategic focus on customer-centricity, digital transformation, and business agility will drive us forward.”