Leadway Assurance Company Limited has announced a remarkable financial performance for the year ended December 31, 2024, recording an impressive ₦173.2 billion in insurance revenue—a 51% increase from the ₦114.4 billion posted in 2023.
The surge in revenue was attributed to robust performance across key segments of the company’s insurance portfolio, further reinforcing Leadway’s position as a market leader in Nigeria’s insurance industry.
This substantial growth not only cements the company’s leadership status but also aligns with the Federal Government’s broader economic agenda by strengthening the financial services sector and supporting national economic stability.
As part of its continued commitment to policyholder trust and protection, Leadway settled a total of ₦117 billion in claims in 2024, up significantly from ₦70.4 billion in the previous year. This marks the eighth consecutive year the company has held the distinction of being the industry’s top claims-paying insurer.
A detailed breakdown of the claims shows:
₦49.5 billion in non-life insurance claims
₦44.9 billion in annuity payouts
₦23.2 billion in life insurance claims
Commenting on the performance, Gboyega Lesi, Managing Director of Leadway Assurance, said:
“Our 2024 results reflect our resilience and adaptability in a dynamic market. This milestone is the outcome of sustained innovation, tech-driven service excellence, and the dedication of our outstanding team and partners.”
Looking ahead, Lesi emphasized the company’s strategic priorities:
“We remain focused on accelerating our digital transformation, enhancing our risk management architecture, and forging impactful partnerships to maintain and expand our market leadership.”
Chairman of the Board, General Martin Luther Agwai (Rtd.), also applauded the company’s strong showing, stating:
“Leadway’s performance in 2024 showcases the strength and agility of our business model. It highlights the commitment of our people and the enduring confidence of our customers.”
“We are strategically positioned to navigate industry shifts and deliver long-term value. Our ambition is to be Nigeria’s leading provider of insurance and non-banking financial services, anchored on integrity, professionalism, and innovation.”
With a firm focus on digital innovation, capital strength, and customer-centric solutions, Leadway Assurance is poised to capitalize on emerging opportunities and deliver sustained value across Nigeria and the wider African market.
