Leadway Assurance Company Limited has announced a landmark financial performance for the year ended December 31, 2024, posting a record-breaking ₦173.2 billion in insurance revenue, representing a 51% increase from ₦114.4 billion in 2023.
This exceptional growth not only solidifies Leadway’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.
In a move that aligns with the regulatory intention of deepening insurance penetration across Nigeria, the company also reaffirmed its unwavering commitment to policyholder protection by settling an impressive ₦117 billion in total claims.
This payout maintains Leadway’s eight-year streak as the industry’s highest claims-paying insurer, demonstrating the tangible benefits of insurance and building public trust, which is crucial for expanding the reach of insurance services.
This robust performance cements Leadway’s leadership in the Nigerian insurance industry, underscoring its ability to deliver sustained growth and customer-centric outcomes even in an operating environment challenged by rising inflation, exchange rate volatility, and declining consumer purchasing power.
The revenue growth was primarily driven by strong performance across key lines of business in the company’s insurance portfolio. Claims expenses rose from ₦70.4 billion in 2023 to ₦117 billion in 2024, with 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.), Chairperson 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 clientfocused solutions, Leadway Assurance is well-positioned to seize emerging opportunities and deliver exceptional value across Nigeria and the broader African continent.
