Leadway Assurance Holds Virtual AGM

Adebayo Obajemu

Leadway Assurance Company Limited Friday held its 48th Annual General Meeting (AGM) via a virtual platform in strict compliance with social distancing recommendations by the World Health Organisation, the Federal and the State Governments, as part of efforts to curb the spread of COVID-19.

At the AGM, the company showcased its 2019 Financial Year results to its shareholders and, among critical announcements made at the Annual General Meeting, was an increase in Claims paid to its policyholders, from N33.9billion in 2018 to N38.5billion in 2019. The company also posted stronger balance sheet size which enlarged by 26% from N312billion recorded in 2018 to N394billion in 2019 in support of a Gross Written Premium (GWP) of N90.6billion in 2019, itself with an increase of 4% from N87.5billion in 2018. The company attributed the growth in its GWP to a boost in its composite business, specifically via the Specialty Life portfolio.

At the AGM, the MD/CEO, Mr. Tunde Hassan-Odukale, reinstated Leadway’s continued commitment to its policyholders through prompt Claims payment, as the bedrock of the company’s business. With this, the company has now paid over N136billion in Claims in the last six years.

“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,” Mr. Tunde Hassan-Odukale said.