Sunday, May 31, 2020 / 02:00 PM / Leadway Assurance
Leadway Assurance Company
Limited recently 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 Virtual AGM, the
company presented 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
grew 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.
Speaking during the
company's AGM, the MD/CEO, Mr. Tunde Hassan-Odukale, reiterated 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.
In his remark, the
Chairman, Board of Directors, General Martin Luther Agwai (CFR) acknowledged
the outstanding strategic leadership qualities, vision, and the prudence the
erstwhile Managing Director, Mr. Oye Hassan-Odukale retired from the company
after 38 years of dedicated stewardship.
He welcomed Mr. Tunde
Hassan-Odukale "to chart the next path and phase of growth for Leadway to
become a global competitor of the next generation's reference."
He maintained that the
company is in pole position to meet the new regulatory requirements for
recapitalization 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 comply 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 recapitalization plan and extended full
compliance timeline till 31st December", the Chairman added. Leadway
Assurance is one of Nigeria's foremost insurance service companies with a
reputation for service efficiency and customer reliability. The organization is
committed to bridging the financial protection gap and increasing the rate of
insurance penetration in Nigeria.
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