BY NKECHI NAECHE-ESEZOBOR—Leadway Assurance Company Limited has announced a landmark financial performance for the year ended December 31, 2024, posting ₦173.2 billion in insurance revenue.
According to the insurer, its revenue grew from N114.4 billion in 2023 to 173.2 billion in 2024, representing 51% increase.The revenue growth was primarily driven by strong performance across key lines of business in the company’s insurance portfolio.
This exceptional growth not only solidifies the company’s market leadership but also significantly supports the Federal
Government’s initiatives aimed at growing the Nigerian economy by contributing substantially to the nation’s financial services sector and fostering economic stability.
The company also reaffirmed its unwavering commitment to policyholder protection by settling an impressive ₦117 billion in total claims when compared to ₦70.4 billion in 2023. This payout maintains its eight-year streak as the industry’s highest claims-paying insurer
The breakdown of the claims shows that the non-life segment accounting for ₦49.5 billion, followed by ₦44.9 billion in annuity payouts and ₦23.2 billion in life business claims.
Commenting on the results, Gboyega Lesi, Managing Director of Leadway Assurance, said: “Our 2024 results reflect our resilience and readiness to adapt in an evolving market. This achievement is a testament to our commitment to innovation, technology-driven service delivery, and the relentless efforts of our exceptional workforce and partners.”
He further emphasised the company’s forward-looking agenda, stating: “We are committed to accelerating our digital transformation journey, enhancing risk management frameworks, and deepening strategic partnerships to sustain our market leadership.”
General Martin Luther Agwai (Rtd.), Chairman of the Board, added: “Our 2024 financial performance demonstrates the agility, foresight, and robustness of our business model. It reflects the dedication of our people and the enduring trust of our customers.”
“I am confident that Leadway is strategically positioned to navigate industry shifts and deliver long-term value to all stakeholders. Our ambition remains to be Nigeria’s leading insurance and non-banking financial services provider, guided by integrity, professionalism, and innovation.”
With continued focus on digital innovation, capital strengthening, and client-focused solutions, Leadway Assurance is well-positioned to seize emerging opportunities and deliver exceptional value across Nigeria and the broader African continent
