GCR affirms Leadway Assurance’s AA+ rating

GCR Ratings (GCR) has affirmed its national scale financial strength rating of AA+(NG) for Leadway Assurance Company Limited.

GCR Ratings said in its latest report that Leadway Assurance’s strong financial profile, well-established market position, and robust operational framework earned it the rating.

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.”

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Aishat Bello-Garuba, head, Corporate Services, Leadway Holdings said in addition, 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 fulfill 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 concluded.