Leadway Assurance: 55 Years Of Providing Integrated Insurance, Positively Impacting Nigeria’s Economic Growth
Gboyega Lesi Managing Director Leadway Assurance
BY EDET UDOH
It is exciting that Leadway Assurance Limited clocks 55 years this year as a Nigerian Corporate entity and one of the leading players in the country’s financial service sector, known for innovation, consistency in providing financial security and support to its clients, as well as contributing to national economic development.
Suffice to say that the company has successfully surmounted all adds, crossing many hurdles, in its 55 years of existence, to remain a beacon of hope for many people and businesses, and a cornerstone for the nation’s economy.
Historically, the Company was founded in 1970 by Sir (Dr.) Hassan O. Odukale and over the years the company has evolved to become a global player. Known for its ability to pay close attention to relationships, having started operations as a direct motor insurance company, soon its relationship with other operators and intermediaries made it the delight of the brokers’ network in Nigeria, and today the company is enjoying 80% of its current business from brokers.
It is not new that the pivotal focus at Leadway is customer-centricity and the company has enjoyed steady growth in its commitment to providing integrated insurance and financial services to its numerous customers. The Company’s remarkable success has been possible because of its sound professional and business standards backed by the uncompromising level of integrity of its Directors.
To solidify its leadership position as the insurance company of choice in Nigeria, in 2023, Leadway became the first Nigerian Insurance company to cross three -digit billion mark with total premium collection of N104.4 billion of which Gross Written Premium was N92.5 billion, Savings & Investment N10.8 billion and another N1.1 billion from its Ivorien Insurance subsidiary.
In 2023 alone, the company paid an impressive N67.1 billion in claims, a leap from N57.5 billion in 2022. This continued growth highlights Leadway Assurance’s dedication to financial responsibility and its pivotal role in enhancing lives through its economic prowess.
However, the overall financial performance for the year under review was bolstered by investment income from a large investment portfolio and significant unrealised gains from price and exchange rate movements.
The total investment portfolio of N556.9 billion (USD619. 2 million) as at 31 December 2023 (2022: N417.0 billion) was dominated by local currency government bonds, which accounted for 59.4% of the investment portfolio.
The capital base was significantly boosted by substantial unrealised foreign exchange gains of N68.2 billion from its net asset in foreign currency position as at end-2023.
The company also consolidated its financial strength in the year under review having recorded an increase in its total asset base from N502 billion in 2021 to N535 billion in 2022, while Risk Premium significantly rose from N71 billion in the previous year to N93 billion in the year under review.
Consequently, the group recorded a 26% increase in total premium from N83 billion in 2021 to N104.4 billion in 2022 with the growth attributed to the business’s ability to acquire new businesses for Group Life and its capacity to renew existing businesses.
This underscores its unwavering commitment to contractual obligations not just to policyholders but also to the nation’s economy as a growth enabler, and affirming that insurance is a tool for loss recovery with claims payment significantly rescuing businesses, households, and individuals from considerable losses in assets and investments while creating wealth, protecting existing ones and overall, positively impacting Nigeria’s economic development.
This impressive milestone started in 2016 when Leadway Assurance set a record by paying N23 billion in claims— an unprecedented figure for any insurer that year. This achievement marked the start of a trajectory characterised by substantial annual increases, reflecting the company’s steadfast commitment to its customers and proactive approach to meeting their needs.
In 2017, Leadway Assurance’s claims payments surged to N27.40 billion, followed by N33.80 billion in 2018. This progressive growth exemplifies the company’s dedication to providing financial security and support to its clients. The upward trend continued in 2019, with claims payments reaching N38.40 billion. Even the unprecedented challenges posed by the COVID-19 pandemic in 2020 did not deter the company’s resolve; instead, it demonstrated remarkable resilience by paying N43.5 billion in claims to support its customers during those challenging times.
The company’s commitment to financial support and reliability remained steadfast, as evidenced by the increase to N48 billion in 2021 and the subsequent rise to N57.5 billion in 2022. These figures reflect Leadway Assurance’s operational excellence and role as a pillar of stability and trust in an ever-evolving economic landscape.
Also, the continuous upward trajectory in claims payment earmarks the company’s innovative solutions to ensure that claims payments are prompt and one with no hassles for all their customers.
This remarkable commitment to its claims obligations has greatly shaped how Nigerians experience the claims-payment process, remarkably shaping their opinion of insurance services in the country as evidenced in their testimonies below:
Layiwola Lawal, one of Leadway’s customers, stated: “One of the most impressive aspects of Leadway’s service is their prompt and fair claims settlement. During a challenging time when we had to file a claim, Leadway handled the situation with remarkable efficiency and empathy, making us feel supported and cared for”.
In 2023, when Femi Abraham Olawoyin’s vehicle was burnt, and he had to make a claim that ran into millions of Naira, “Leadway Assurance did not disappoint us, and our claim was paid promptly. No delay, no hassles”, he testified.
“My former employer, Sacred Heart Primary School, Kaduna, introduced me to the company, and I have never regretted relating to it,” Thomas Avadu revealed.
Thomas said that when strong winds damaged the perimeter walls of their school and a fire consumed their school vehicle, including his 6-month-old vehicle that was completely burnt down during the 2000 sectarian crisis, the Leadway Assurance team attended to the claims promptly.
“These are just to mention a few benefits we have enjoyed associating with Leadway Assurance. Through my benefits from this insurance company, I have proved wrong to people who still have doubt, that insurance does work in Nigeria”, he added.
“You have exceeded our expectations in your timely, reliable and excellent services over these years. We have unwavering confidence in your brand, and without doubt, will recommend you to both Individuals and Organizations. Continue to do what you know Best!” Elizabeth I. Oriaku, stated.
Oluwaseun Osuntoyinbo who described Leadway Assurance as “Your Shield in Uncertain Times,” said: “Leadway Assurance offers outstanding coverage and customer service. Their personalized plans and prompt claims processing provide peace of mind. With a dedicated team and innovative solutions, Leadway ensures you’re well taken care of in uncertain times. Join Leadway for reliable protection today.”
Dr.James Diatah who commended Leadway for its exceptional services said: “We are pleased to commend Leadway Assurance Company and Mrs. Ebika for their exceptional services to our association.
“Since the inception of our relationship in 2016, we have found Leadway to be a conscientious organization, always ready to live up to their responsibilities. Leadway has demonstrated a high level of professionalism and empathy as regards our Group Life Cover (GL24021948).
“We also commend Mrs. Ebika Florence Lugard, who has handled our account with Leadway Assurance from the very beginning. We have found her to be knowledgeable, diligent, empathetic and customer-centric. She has ensured our claims are promptly settled with no rancour and in good time. We have found her to be a valuable addition to our association and a great asset to your organization.
“We want to state that we are extremely satisfied with the services received so far and believe that we would continue to have a fruitful and mutually beneficial relationship with your organization.
“Kindly be assured of our warmest regards.”
According to Pius Daniel who sees Leadway Assurance as the best place to work with: “It is a good place to work, with flexible time, Their payment model is great. Flexible work culture, Hybrid work setting. Best team and amazing mentors.”
The Managing Director of Leadway Assurance, Gboyega Lesi, highlighted the significance of these corporate actions during the company’s 52nd Annual General Meeting (AGM).
He noted that the company’s substantial and consistent claims payments had solidified its reputation and earned all Leadway Assurance’s stakeholders’ unwavering trust and confidence. “We remain ambitious in our quest to be the dominant insurance company in Nigeria,” Lesi remarked. “Our strategic focus on customer-centricity, digital transformation, and business agility will drive us forward.”
Lesi joins other distinguished leaders of this fifty-five-year-old institution to pursue the actualisation of a vision that is not merely about maintaining its current position but about pushing the boundaries of innovation and operational efficiency. This ambition is reflected in the company’s ongoing efforts to enhance customer experiences through digital advancements and streamlined processes. By prioritising these areas, Leadway Assurance aims to set new standards in the industry and continue its leadership role.
Adding to this perspective, Gen. Martin Luther Agwai (Rtd), Chairman of the Board of Directors, reiterated the company’s commitment to sustainable growth and market leadership. “As leaders in our market, we are committed to sustainable growth by reaching new customer segments and exploring innovative distribution channels,” Agwai stated.
His comments underscore Leadway Assurance’s proactive approach to expanding its reach and its dedication to adapting to changing market dynamics.
Beyond its exemplary claims payment track record, Leadway Assurance significantly contributes to closing the financial protection gap and enhancing insurance penetration throughout Nigeria. As a leader in the domestic market, the company is also pioneering regional expansion. Through its subsidiaries, Leadway Vie Limited and Leadway IARD Limited, Leadway has established a strong presence in West Africa, particularly in Côte d’Ivoire.
These expansions reflect Leadway Assurance’s commitment to delivering high-value insurance services and contributing to the region’s economic development.
Leadway Vie Limited focuses on providing life insurance services, while Leadway IARD Limited offers general insurance solutions. Both entities play a crucial role in providing comprehensive coverage options to a diverse clientele, reinforcing Leadway Assurance’s dedication to enhancing financial security and supporting the economic well-being of individuals and businesses alike even beyond the shores of Nigeria.
The company’s consistent performance and strategic initiatives highlight its pivotal role in shaping the insurance industry and driving economic growth. Leadway Assurance’s emphasis on prompt claims payment, customer satisfaction, and innovative solutions has reinforced its leadership position and positively impacted countless lives. By steadfastly focusing on its core values and embracing new growth opportunities, Leadway Assurance sets a high bar for excellence in the insurance sector.
In recognising that with consumer spending and holidaymaking increasing businesses for Small and Medium Enterprises (SMEs) lurks the possibilities of risk from these spikes in commercial activities such as – theft, accidents, burglaries, fire outbreaks, frauds, and system failures, Leadway Assurance reaffirmed its position as a transformative partner to SMEs by empowering businesses with practical strategies for navigating the complexities of the season.
A recent webinar with the theme: “Driving Increased Sales During the Festive Season,” organised by Leadway, brought together industry leaders, SME experts, and government representatives to share insights and practical strategies designed to empower businesses during this peak sales period.
Highlighting its role as more than just an insurance provider, Leadway focused on equipping SMEs with tools to navigate market complexities, amplify their sales potential, and safeguard their operations. This aligns with the brand’s mission to deliver robust risk management and business solutions to bolster economic growth.
Umashime Oguzor-Doghro, head of the Retail Division at Leadway Assurance, who headlined the speaker’s lineup, highlighted the importance of the season on businesses and the role of risk mitigation tools at such a critical time: “The festive season is a time of immense opportunity, but it also comes with unique risks for SMEs. Our theme reflects our dedication to helping businesses not only navigate the unique challenges of the festive season but also seize opportunities to drive growth and profitability. At Leadway, we see it as our duty to address these challenges and help businesses capitalise on this critical period for growth. We are committed to being a trusted partner in building sustainable success for businesses across Nigeria.”
“Insurance is often seen as a reactive tool, but at Leadway, we position it as a strategic asset. With our competitive risk management solutions—spanning property, transit, and employee coverage, we enable businesses to operate with confidence, knowing they are protected from the unforeseen. What sets us apart is our free advisory service, which ensures businesses are fully equipped before they even take up our insurance products.” Umashime added.
In addition to risk management, the webinar championed collaboration as a catalyst for success. Leadway’s partnerships with event managers and SME stakeholders aim to ensure seamless operations during the festive season, reinforcing the company’s role as more than just an insurer but a reliable business ally.
In confirmation of Leadway Assurance’s financial strength, the Company was recently awarded AA+ by GCR Rating Agency for its strong financial profile, well-established market position, and robust operational framework.
GCR Ratings said the rating reflects Leadway Assurance Company’s prudent risk management practices and ability to navigate challenging economic conditions while maintaining stable performance.
The rating agency also highlighted the company’s ability to sustain its competitive edge within the market, “The affirmation of Leadway Assurance’s rating is supported by its extensive brand recognition, long-standing presence in the insurance sector, and consistent operational excellence. The insurer’s prudent capital management strategies have enabled it to maintain robust solvency levels and an industry-leading asset base.”
Aishat Bello-Garuba, head of Corporate Services, Leadway Holdings, commenting on this said, “GCR affirmed that the rating process for Leadway Assurance was conducted with full independence and integrity. “No aspect of the rating was influenced by any business activities external to the evaluation. Our assessment was based entirely on the financial merits and risk profile of Leadway Assurance, conducted through virtual interactions and correspondence with the rated entity.”
Speaking on the reaffirmation, Gboyega Lesi, Managing Director/CEO of Leadway Assurance, stated: “This rating validates our strategic drive to bolster financial and operational resilience. At Leadway, we remain determined to promptly fulfil our obligations to clients, regardless of the scale. The AA+ rating not only reflects our strong financial foundation but it also reinforces our stakeholders’ trust in us.
“Following GCR’s initial rating of Leadway with an ‘A(NG)’ in claims-paying ability in 2001, we have consistently demonstrated our dedication to financial excellence.” In the last eight years alone, Leadway has paid over NGN 338 billion in claims, further cementing our position as a reliable and trusted insurance provider in Nigeria. Over the years, we have also focused on leveraging digital transformation, innovative solutions, and sound corporate governance to deliver value-driven services. This reaffirmation by GCR underscores our resilience and dedication to continually fulfilling these obligations to our policyholders and stakeholders.” Lesi stated.
Leadway Assurance Company’s ranges of insurance and financial services are:
Insurance services
Auto insurance: Offers auto insurance for individuals and businesses; Property insurance: Offers property insurance for individuals and businesses; Travel insurance: Offers travel insurance for individuals and businesses; Life insurance: Offers life insurance for individuals and businesses; Home insurance: Offers home insurance for individuals and businesses; Accident insurance: Offers accident insurance for individuals and businesses; Education insurance: Offers education insurance for individuals and companies; Fire insurance: Offers fire insurance for individuals and businesses and Marine insurance: Offers marine insurance for individuals and businesses
Financial services
The Company offers bonds; Offers secured credit; Offers fund and portfolio management; Offers savings and investments; Offers annuities and Offers pension facilities.
The Board of Directors of Leadway Assurance Limited consists of eminent Nigerians, seasoned businessmen, and women of proven personal integrity and professional sagacity.
Gen. Martin Luther Agwai is the Chairman of the Board while other non-executive members are Hadiza Aliko Mohammed, Director (Non-Executive, Independent); Odein Ajumogobia, Director (Non-Executive, Independent); Adebisi Lamikanra, Director (Non-Executive, Independent); Ire Hassan-Odukale, Director (Non-Executive); Ademola Odeyemi, Director (Non-Executive, Independent); Mrs. Funmilayo Omokhodion, Director (Non-Executive, Independent).
Other members of the board are Mr. Tunde Hassan-Odukale, Director (Non-Executive); Thomas Hurlimann, Director (Non-Executive); Mr. Gboyega Lesi, Managing Director; Mrs. Olufunmilayo Amanwa, Executive Director Technical & Operations and Olumide Hanson Company Secretary.
As of December 31, 2023, Leadway Assurance had shareholders’ funds of N144.3 billion (USD160.5 million). This strong capitalization is a result of good earnings generation and retention.
Leadway Assurance is part of the Leadway group, which also includes Leadway Pensure, Leadway Health, Leadway Capital and Trusts, Leadway Asset Management, Leadway Properties and Investments, and others.
It is no doubt that Leadway Assurance’s track record of exceptional claims payments and its commitment to customer-centric practices underscore its influential role in both the insurance industry and the broader economy. Through its continued dedication to operational excellence, innovation, and regional expansion, Leadway Assurance is poised to maintain its leadership position and make a lasting impact on the lives of its customers and the communities it serves even in the years ahead.
