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Leadway Assurance Group insurance revenue grew by 55% to N190 billion in 2024 from N122.4 billion in 2023 as the insurance giant continued to generate solid returns despite tough macro conditions.
Profit before tax(PBT) also moved up by 35% to N73.57 billion compared to N54.4 billion achieved in the previous year.
The increase in Insurance revenue was largely experienced by all classes, while the increase in the reported profit was largely driven by Investment income.
Leadway Board of Directors recommended a cash dividend of N15 billion to shareholders which translates to N0.75kobo per unit of ordinary share subject to withholding tax. This is however a 50% drop from the N30 billion (N1.50) cash dividend paid last year.
Major shareholders of Leadway Assurance are Swiss Re Investment Company Limited, Switzerland 25% ownership, Sir. Hassan O. Odukale TRUST 20%, OHO Investments Ltd. 12%, Leadway Capital & Trusts Ltd. 7% and Book Holding I Limited Mauritius 5%.
Claims expenses increased to N117 billion in 2024 from N70.4 billion in 2023, with non-life portfolio accounting for N49.5 billion which is the largest proportion, followed by an annuity payout of N44.9 billion and Life business portfolio claim expenses of N23.2 billion.
Net Investment income increased by 21% to N51.32 billion in 2024 from N42.58 billion in 2023 with interest income from bonds dominating investment income.
Leadway leads Nigeria’s Insurance Sector Market Share table in terms of total assets and insurance revenue as at the end of 2024.
Total assets increased by 23% to N963.9 billion in 2024 from N781.8 billion in 2023.
Leadway leads Nigeria’s Insurance Sector Market Share table, followed by Mansard, AIICO Insurance, NEM Insurance and Custodian Investment to make up the top-5.
Leadway offers insurance services in life and general businesses (property & casualty). Leadway also offers allied financial services like bond, secured credit, miscellaneous financial losses and fund/portfolio management.
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