• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Saturday, June 21, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Leadway Assurance GCR Rating Shows ‘AA+ Financial Strength   

Nwanne Ikemefune by Nwanne Ikemefune
August 24, 2023
in Insurance
0 0
0
Leadway Ignites children’s Reading Culture Through “Pages to Places”  Initiative
0
SHARES
52
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

GCR Ratings, one of Africa’s foremost rating agencies, has revised Leadway Assurance Company Limited’s financial stability rating to AA+(NG) from AA(NG) in their June 2023 Report. 

The upgraded rating reflects Leadway Assurance’s consistent and superior capacity to meet its financial commitments and obligations, affirming the robust creditworthiness of the insurer. The upgrade also indicates the insurers’ stable and consistently growing outlook.

This outlook is underpinned by the leading insurer’s Total premium collection of NGN 104.4 billion of which Gross Written Premium (GWP) growth rate at 31% was NGN92.5 billion ($218.6 million at NGN423.3/$) as of the financial year that ended December 31, 2022, largely driven by its expansion strategies in its general and life business segments. 

In addition, Leadway’s capital base of NGN81.2 billion ($181 million at NGN448.6/$) as of December 31, 2022, supported a GCR Capital Adequacy Ratio (GCR CAR) of above 2x. Similarly, the insurer’s regulatory solvency margin ratio was strong at 7x (2021: 10x) in the same year.

According to the rating agency, “this growth translated to a market share of about 12% of the Nigerian insurance industry’s GWP. The Insurer’s GWP is concentrated in the annuity, group life, and special risks business lines, which contributed 29.5%, 20.3%, and 18.2% to GWP, respectively, in 2022, although concentration to the annuity business is higher at 42.2% of Net Written Premiums (NWP).”

Consequently, GCR projected Leadway’s continued leadership in the Nigerian insurance industry: “Over the next 12-18 months, we expect Leadway’s leadership position in the Nigerian insurance industry to be sustained, supported by its wide distribution network and expansion initiatives, especially in the retail segment.”

Commenting on the report, the Managing Director/Chief Executive Officer of Leadway Assurance, Tunde Hassan-Odukale, said, “We are delighted to receive the upgraded ‘AA+’ rating from Global Credit Rating (GCR), validating our company’s strong capitalization, prudent risk management practices, exceptional underwriting performance, and unwavering dedication to sustaining a robust financial foundation to consistently deliver outstanding value and excellent services to our policyholders and stakeholders.

“Over the last five decades, Leadway has demonstrated resilience and adaptability to navigate through dynamic market conditions while maintaining financial solidity and credibility in fulfilling its obligations to diverse policyholders. The “AA+” rating from GCR further reaffirms Leadway Assurance’s ability to weather uncertainties and maintain stability even in challenging economic environments.”

Previous Post

JHCHS: Covid 19 Remains An Ardent Visitor, ‘Here To Stay’

Next Post

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman
Insurance

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy
Insurance

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models
Insurance

Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

June 16, 2025
Next Post
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

June 18, 2025
PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

June 17, 2025
Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

June 16, 2025
Microphone

AI Experience, Efficiency And Customer Satisfaction Unfolds at SUPERNEWS Confab

June 16, 2025
Leadway Assurance Pays N67.1bn Claims In 2023

Leadway Assurance Leads, Delivers ₦173.2Bn Insurance Revenue, ₦117Bn in Claims Payouts for 2024

June 16, 2025
Ilori

Maiden Insurance Week Adopts Wide Angle Lens to Capture All For Insurance

June 14, 2025
CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

June 13, 2025

How an Insurance Company is Using Entertainment to Promote Insurance Education in Africa

June 13, 2025
ADVERTISEMENT

Recent News

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

June 18, 2025
PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

June 17, 2025
Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

June 16, 2025
Microphone

AI Experience, Efficiency And Customer Satisfaction Unfolds at SUPERNEWS Confab

June 16, 2025
Leadway Assurance Pays N67.1bn Claims In 2023

Leadway Assurance Leads, Delivers ₦173.2Bn Insurance Revenue, ₦117Bn in Claims Payouts for 2024

June 16, 2025
Ilori

Maiden Insurance Week Adopts Wide Angle Lens to Capture All For Insurance

June 14, 2025
CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

June 13, 2025

How an Insurance Company is Using Entertainment to Promote Insurance Education in Africa

June 13, 2025
Image Spin: Insurers Committee Revolving Meeting Concludes The 18th in Lagos

Image Spin: Insurers Committee Revolving Meeting Concludes The 18th in Lagos

June 12, 2025
Leadway Advocates Safety First as Nigerians Embrace The New Year

Leadway Supports Nigerian Pavilion at the London Design Biennale 2025

June 11, 2025
Sanlam and Allianz, Beacons of Global & Continental Insurance Merge to Enhance Operations in Nigeria

Sanlam and Allianz, Beacons of Global & Continental Insurance Merge to Enhance Operations in Nigeria

June 10, 2025
“Bring Your Kid to Work Day” Lights up Prudential Zenith Life on Children’s Day

“Bring Your Kid to Work Day” Lights up Prudential Zenith Life on Children’s Day

June 5, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In