Leadway Assurance pays over N10.9bn in claims

Leadway Assurance Company Limited’s audited 2013 financial year results presented at its 42nd Annual General Meeting held in Lagos revealed the Leadway Group’s assets now stand at N101.2billion.

This represents a 47 percent growth from the Group’s N68.8 billion figure recorded in the previous year. Apart from the parent company, Leadway Assurance Company Limited, other companies within the Group include Leadway Capital and Trusts Ltd., Leadway Hotels Ltd. and Leadway Properties and Investments.

The company also said it paid claims in excess of N10.9billion, a 51 percent increase from the N7.2billion recorded of 2012.

Malam Umar Yahaya, Chairman of Leadway Assurance Company Limited, said “the N10.9billion claims’ payout is continuing evidence of the promise that the company has kept to its customers over the years. Although 2013 figures are still emerging, Leadway Assurance has traditionally remained the single highest claims’ paying insurance company in the industry, closing the year with a balance sheet size that remained strong at N97.1bn in 2013 with tradeable reserves (insurance funds) of N49.7bn, the highest yet in the insurance industry” he said.

He also stated that, “Competition remains rife within the insurance industry with key dynamic players challenging and changing the way we do business and putting us on our heels not only to consolidate, but also to surpass our current achievements if we are to stay ahead in 2014. “

He further stated that “the company, in positioning itself to benefit from NAICOM’s MDRI following the release of operational guidelines on micro-insurance, has started rolling out new products, while extending its markets through new channels in order to take advantage of emerging trends and compete favorably with numerous competitors in the industry.”