Leadway Assurance Company has announced that it increased its claims expenses by 10 per cent in the year 2021.
The company’s claims expenses for the period grew from N43.5 million to N43.5 billion in 2020 to N48 billion in the previous year. The shareholder’s fund also recorded 18.8 percent increase from N67.8 billion in 2020 to N80.6billion in 2021, while posting a total asset of N500.2 billion in 2021.
The company also recorded a 31 percent 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.
According to the company, the increase is hinged on the improvement in the annuity market following the lifting of lockdown and general improvement in the economy post COVID19 pandemic.
Speaking at the company’s 50th Annual General Meeting (AGM) held in Lagos the Managing Director/Chief Executive Officer, Mr. Tunde Hassan-Odukale, reiterated the company’s steadfast commitment to meeting its obligations to policyholders.
“At the turn of the new decade last year, we reaffirmed our mission and mandate to deliver superior insurance services to individuals and corporates alike. That commitment has propelled us to maintain a year-on-year increase in our claims to our policyholders. This year, we paid the highest amount ever in the annals of the company and perhaps the largest in the insurance industry in 2021. Despite the prevailing economic realities and other adverse economic indices, we heralded this leadership position last year with an equally superior industry-leading payout, “Hassan-Odukale stated.
In his remarks, the Chairman, Board of Directors, General Martin Luther Agwai (CFR), pointed to the company’s strategic risk decision trajectory with an underpinning corporate governance-led structure as the overarching driver in fulfilling its corporate vision.
“As it has been our strategy to strike a balance between overexposure of capital and total risk aversion in making business decisions, we reaffirm our goals to disrupt existing markets and, in the long term, maintain leadership positions across emerging and regional markets,” the Chairman stated.