Leadway Group has recorded an asset base of N101.2 billion at the end of 2013 financial year, growing by 47 percent from N68.8 billion in 2012.
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.
Disclosing this at the 42 annual general meeting of Leadway Assurance Company in Lagos, the board reaffirmed the company’s commitment to meeting clients’ expectation, announcing payment of N10.9 billion as claims in the review year, a 51 percent increase from the N7.2 billion in 2012. The N10.9 billion claims’ payout is continuing evidence of the promise that the company has kept to its customers over the years, the company said.
Although the 2013 figures are still emerging, Leadway Assurance has traditionally remained one of the highest claims’ paying insurance company in the industry, closing the year with a balance sheet size of N97.1 billion with tradable reserves (insurance funds) of N49.7 billion.
Umar Yahaya, chairman, Leadway Assurance Company Limited, stated that the competition remained rife within the insurance industry with key dynamic players challenging and changing the way business was done and putting us on our heels not only to consolidate, but also to surpass our current achievements if we were 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 favourably with numerous competitors in the industry.”
Established 44 years ago, Leadway is a composite insurance company underwriting both Life and General insurance business with 21 branches spread across Nigeria. It also offers subsidiary financial services like Bonds, Secured Credit, Miscellaneous financial losses and Fund/Portfolio management. With core values of i-SCORE meaning; integrity, Service, Costumer focus, Openness, Respect-for-the-individual and Excellence, Leadway’s reputation has been attained by the continuing pursuit of improvements to maintain its competitive advantage within a very soft market environment.