Leadway Assurance records over 23% growth in claims payement.
Leadway Assurance Company Limited has paid total claims of N33.8 billion for the 2018 financial year.
The figure represents a 23.4 percent increase from N27.4 billion recorded in the corresponding period of 2017.
Meanwhile, the company recorded a four percent increase in Gross Written Premium (GWP) at N87.5 billion from N84.1 billion recorded in 2017. Chairman of the company, Gen. Martin Luther Agwai, said that the increase in GWP was largely due to the significant growth in general insurance business, more specifically the special risk portfolio.
Meanwhile, the company recorded GPW of N1.7 billion from its marine business while it paid gross claims of N612.9 million in the period under review. Investment income also increased by 36 percent to N22.8 billion from N16.8 billion even as profit before tax dropped by 15 percent to N11.4 billion from N13.4 billion. The company’s total assets recorded 15 percent growth to N312.7billion from N271.9 billion. Agwai said, “The drivers of the significant growth in asset can be traced to the significant increase in annuity premium invested majorly in government debt securities, increase in reinsurance assets and investment properties.
“On our part, we will not rest on our oars and will intensify our corporate strategy to identify the needs, behaviour and culture of our potential customers with an attentive ear to market-feedback and create products to address and protect the underlying risks the populace are susceptible to.”
First Seen on Vanguard News, written by Rosemary Onuorah.