Managing Director/Chief Executive Officer, Leadway Assurance Company Limited, Tunde Hassan-Odukale, has reiterated the need for commitment to policyholders through prompt claim payment.
Speaking at its 50th Annual General Meeting (AGM), Hassan Odukale said the commitment has led to the consistent payment of claims to policyholders.
“This year, we paid the highest amount ever in the history of the company and perhaps the highest in the insurance industry last year. Despite the prevailing economic realities and other adverse economic indices, we held this leadership position last year with an equally superior industry-leading payout.
“I am proud to be at the forefront of improving customers’ lives, protecting their assets and securing a future for their loved ones, an ethos that remains paramount to the company’s operations,” he said.
The company’s claims profile continued to increase yearly just as it recorded a total claim payment of N48 billion in 2021, sustaining its five-year streak of outpacing the industry players in claim payment to policyholders.
The insurer’s claim expenses for 2021 recorded a 10 per cent increase from N43.5 billion in 2020. The shareholder’s fund also recorded an 18.8 per cent increase from N67.8 billion in 2020 to N80.6 billion in 2021 with a total asset of N500.2 billion to close the year.
The company also recorded a 31 per cent premium income growth from N53.65 billion in 2020 to N70.1 billion in 2021, leading to a 27 per cent rise in underwriting income.