Leadway Assurance Company has recorded a 37 per cent growth of N137.3 billion in its 2015 financial year results from N100.5 billion in 2014.
A review of its results presented at its 44th Annual General Meeting indicated that the company recorded 125 per cent growth in the company’s profit after tax to N6.3 billon from N2.8 billion in 2014.
The company also paid claims in excess of N14.3 billion, a 13 per cent increase from the N 12.7 billion record of 2015.
It, however, wrote a 20 per cent increase in gross premium from N39 billion in the prior year to N46.6 billion.
Speaking during the presentation of the results, the Acting Chairman, Jeremy Rowse, said that with various guidelines aimed at reinforcing standards and encouraging confidence in the Nigerian insurance industry, the company remains poised to take advantage of emerging growth opportunities to compete effectively within its immediate market and the larger global markets.”
He further stated that as the Nigerian polity itself becomes restructured to tackle the myriads of socio-political, economic and infrastructural challenges facing it, the opportunity for increase in insurance penetration and contribution to GDP should increase.
