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 bn 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 bn 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 bn in 2023 to ₦117 bn in 2024, with the non-life segment accounting for ₦49.5 bn, followed by ₦44.9 bn in annuity payouts and ₦23.2 bn 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 client focused solutions, Leadway Assurance is well-positioned to seize emerging
opportunities and deliver exceptional value across Nigeria and the broader African continent.
