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Tag: Leadway

  • Leadway launches funeral benefit insurance plan

    Leadway Assurance has launched a funeral benefit insurance product, Family Benefit Plan Plus (FBPP).

    The event held at the firm’s  Corporate Office in Lagos.

    Leadway Assurance Life Retail Business Head, Bolorunduro Saliu said the FBPP has been enhanced to create unmatched value for customers, who now stand to gain from the multi-life policy.

    He said the core offering of the product, provides those covered under the policy with the benefit of having Leadway meet the heavy burden of specified funeral expenses for their loved ones covered under the policy.

    He said: “Leadway pays the specified funeral expenses in the event of the demise of the policy-holder or any of the additional assured lives if their death precedes that of the policy holder ensuring that concerned loved ones can meet the immediate needs of the family without the fear of falling into financial strain. It also allows a policyholder to access a bouquet of benefits, which include but not limited to funeral expenses for the policyholder or their spouse, the parents, and/or parents’ in-law that are named in the policy.

    “As part of efforts to inform the public about the benefits of the new product, the company kicked off a week long teaser tagged: “See-Finish”, heralding the product launch.  The teaser mirrored the reality of young Nigerians, who are left in financial distress when aged family members pass away, especially, parents and in-laws to mention but a few. It is at this difficult time the grieving ones are often left at the mercy of sometimes merciless benefactors.

    “The campaign showcased a desperate character “Mr. John” reaching out to celebrities on social media, to beg for financial assistance to meet the funeral expenses of his father in-law’s burial.

    Also, the campaign was taken to  Lagos streets with “pseudo Johns” situated at strategic locations around Lagos, carrying the campaign message, urging Nigerians to “avoid the shame of See Finish” and take up Leadway FBPP as a comfort to create wealth for their dependents.”

    Head, Corporate Affairs, Mrs Bunmi Adeleye, on her part said the new Leadway FBPP is now designed to provide more than just the funeral benefits upon the death of any of the assured lives. With some additional benefits built into it as compensation package for the surviving and grieving loved family members of the policyholder.

    She disclosed that the sum assured on the plan for the policyholder and spouse is unlimited and can be specified in accordance with their preferences, for parents and in-laws the sum assured up to maximum limit of N5million.

    “This Leadway FBPP plan has other unique benefits including; payment of a sizable amount for entertainment expense in the event of any of the assured life named in the policy and additional monthly payment for six months in form of family income in the event of death of the policyholder only. The plan also has a waiting period before any claim can be made, for policy holder and spouse its six months, while for parents and parents-in-law is nine months”.

    “A policyholder and the spouse must be less than 65 years old to get enrolled on the plan while the maximum entry age for Parent/Parent-in Law on the policy is 75 years old. The policy runs as long as the Assured lives are alive and subject to the policyholder being alive,” she added.

  • Leadway facilitates capacity building for reporters

    Leadway Assurance has announced that the Leadway Journalism Training initiative for capacity building will hold on Wednesday, January 23.

    Over 40 journalists covering the Insurance and Pensions Beats for print, electronic and online media platforms in the country are expected at the one-day capacity building and re-tooling workshop scheduled to hold at the Leadway Academy in Lagos.

    Head, Corporate Communications/Services, Leadway Assurance, Ms. Olubunmi Adeleye, said the edition of the training would focus on critical areas of the insurance sector such as endowment plans, maintaining operational standards in insurance as well as other areas relating to pensions.

    Adeleye said the organisation of the quarterly training initiative by Leadway Assurance is in recognition of the need for journalists to be abreast of latest industry trends both locally and globally given their important role as purveyors of news and information that the insuring and un-insuring public depend on to form opinions about insurance and the economy.

     

  • Leadway promotes Nigerian Art at Sao, Muse

    In line with its commitment to promote the creative energy of African artists to strengthen the growth of the art industry, Leadway Assurance has announced its partnership with Sao Café for this year’s edition of contemporary art exhibition.

    The exhibition tagged: ‘Sao and the Muse 3’ with theme: “Collaboration era”, would explore the power of coming together to solve problems, breaking the traditional rules of art by creating an unlikely collaboration of artists with diverse media to create out of the box art.

    Speaking on the partnership, Head Corporate Services, Olubunmi Adeleye, said the partnership with Sao Café for Sao and the Muse 3, will further promote the celebration and empowerment of emerging art talents across Nigeria.

    She said it is also a vehicle to showcase Leadway’s bespoke Art  insurance cover and give guests, collectors and art enthusiasts the opportunity to interact with and create useful conversations about the product and the cover it offers.

    She said: “The event, which  held at  Sao Café in Lagos, drew  the attention  of artists and art enthusiasts since 2016, featuring a unique multi-media exhibition that celebrates art in  its many forms, enabling guests to connect, create and learn about art and music.

    “Leadway’s will continue to support the celebration and protection of the creative arts in Nigeria. We are delighted to be a part of the laudable and exemplary initiative targeted at promoting the vibrant creativity of Nigeria’s art community.”

    We understand the importance and the place of creativity in nation building and its role in upscaling the development of the minds of young adults, hence, our support for an event that will promote ingenuity whilst enabling the emergence of budding talents.”

  • Leadway supports new capital regime, reclassification

    More firms will soon be finding their voice and position as Leadway Assurance steps forward to support the introduction of the solvency requirement for insurers from January 1, next year.

    This is coming on the heels of the announcement of Tier-Based Minimum Solvency Requirement (TBMSR) regime by the regulatory authority, the National Insurance Commission (NAICOM).

    The new TBMSR will reclassify firms into Tier 1, Tier 2 and Tier 3 and ensure that they insure only risks that are commensurate with their capital.

    The development is expected to grow  industry contribution to Gross Domestic Product (GDP) from 0.3 per cent and improve its ranking within the comity of African insurers.

    Since NAICOM’s announcement, insurance firms have been thrown off balance and are still grappling with its after shock. The development has upset some firms that thought they may be extinguished form the industry.

    But two weeks after the announcement, one of the leading insurance companies, Leadway Assurance Company Limited commended the regulators for a policy, saying it is long overdue.

    Its Managing Director, Oye Hassan-Odukale, who gave the commendation following FBNInsurance Limited Managing Director, Val Ojumah’s description of some operators as fringe players while supporting the regulatory order, said solvency requirement’s introduction would help restructure the market in a way that insurers could choose, which part of the consumer segment is best served, based on the capital fund it holds or is able to deploy.

    The Leadway chief is also the Sub-Committee Chairman on Publicity and Communication for  Insurers’ Committee.

    According to Hassan-Odukale, with the restructuring, insurers do not have to be compelled to increase their capital to underwrite risks that stress their capital without delivering commensurate returns to capital providers or shareholders.

    He said the restriction would foster the emergence of players with capacity to become retail or underwriters’ specialists in critical sectors of the economy, such as the aviation and oil and gas, while accelerating the growth of the industry and its contributions to the country’s Gross Domestic Product (GDP).

    Hassaan-Odukale also expressed his confidence in the initiative. “The news of NAICOM’s introduction of TBMSR is a positive one. I am confident that it is an initiative with potential upside for the industry to grow and take its rightful position as a formidable contributor to our national economic activities, growth and development as it is in developed economies.

    “It is high time we moved beyond the 0.3 per cent contribution to GDP and improve our ranking within the comity of African insurers (heavily dominated by South Africa) as measured by the African Insurance Barometer. Overall, we should expect an improvement in the capacity and reputation of the industry on the back of unwavering market discipline, improved claims settlement, stronger local retention, increased prudence and promotion of appropriate pricing,” he said.

    He continued: “Under the new TBMSR, the minimum capital requirement which is policyholders’ surplus/shareholders’ funds for insurance companies remains as the base Tier 3 capital (N3bn for General Insurance; N2bn for Life).  Tier 3 companies are now only able to write retail insurances (micro insurance, motor, fire, agriculture, compulsory liability insurances, individual life, health and miscellaneous insurance). Tier 2 companies are required to have 150 per cent of the base capital (N4.5 for General Insurance and N3billion for Life) based on the types of risks written. Tier 2 companies can write retail insurance as prescribed under Tier 1, including commercial and industrial risks and group life assurance.

    “Tier 1 companies are ultimately required to have 300 oper cent of the base capital (N9billion for General Insurance and N6billion for Life) to write all risks including annuity and exclusively Special Risks (e.g. energy and aviation risks) which are highly capital intensive in terms of risks retained on the balance sheet of the insurer in addition to any reinsurance capital purchased. Automatically, composite companies (Life and General Insurance) at any tier only need add both sides to make up the required capital, so you will have N5billion for Tier 3, N7.5billion for Tier 2 and N15billion for Tier 1.”

    On how the TBMSR will affect insurers’ solvency margin, Hassan-Odukale added:“It is important to note that all companies already fall within each restructured tier therefore, no company needs to raise additional capital unless they have existing capital deficiency or prefer to play within a tier above its current capital level.

    “Leadway Assurance, which falls within the Tier 1 bucket has shareholders’ funds valued in excess of N40 billion compared to N15 billion required for a Tier 1 composite insurer. A number of other insurers are also within this tier. We believe this TBMSR is good for our industry as it helps to promote the financial health of insurers and, ultimately, consumer confidence.

    “Insurers are already at different levels of the tiered system. Each company will then be placed within the bucket that they already belong. Should companies now decide to play at a level higher than their current tier, the shareholders can take capital actions either by mergers or injection of new funds. With the TBMSR, insurers simply play within the limit of their solvency capacity,” he said.

    Hassan-Odukale also said unlike the previous capitalisation, no insurer is being asked to shore up capital and neither will anyone’s licence be withdrawn either, stressing that companies simply get to choose which tier they want to operate in, ensuring that they stay within their capacity so that they are able to meet the obligations of the risks that they carry.

    “If a Tier 3 company then wants to play at Tier 1 level, nothing stops them from embracing voluntary merging with other companies in order to scale up their capacity and build more formidable and globally-competitive institutions that would create value for stakeholders and investors.

    “At the end, the major difference between the three tiers will be in the nature of risks underwritten by each insurer, depending on each insurer’s current capital position. To reiterate, the choice of whether to increase capital is left to the insurer who must decide within which tier it wants to play the market as the regulator has not required any company to increase capital above the current minimum,” he added.

    Meanwhile, NAICOM will today kick off a training session with Board members of all the companies. The Commission, which planned to transit to the new capital regime, is preparing the Board for smooth transition.

    Commissioner for Insurance, Mohammed Kari said the Commission said the training would create awareness for the Board and enable them make proper decision going forward. He said after the training, the Boards are expected to take a decision on their choice to either be a Tier 1, Tier 2 or Tier 3 player not later than September 14.

  • Leadway presents low premium products for Nigerians’ daily need

    Leadway presents low premium products for Nigerians’ daily need

    The future of insurance industry lies in the retail market embedded in the grassroots. Despite the huge population the country is blessed with, low insurance penetration remains a major issue. The industry has been targeting the upper class, but the market now resides in the middle and the lower classes.

    This is why Leadway Assurance Co. Ltd designed tailor made and innovative products that can meet the daily needs of Nigerians. The company believes that this will go a long way in deepening insurance penetration. our visibility through effective use of technology.

      

    Our Products

    Hospital Cash: It is designed to provide daily financial benefits for hospitalisation arising from accidental injuries or illness of persons below the ages of 65 years. This plan can be accessed for as low as N500 premium per month.

    Home-Flexa: As the name implies, it’s a flexible insurance products that covers personal accident, property loss, property damage, private health plan and family benefit. This product is quite affordable especially for the low-income earners and with a monthly payment of N1, 074.00,  you can claim up to N220,000 benefits within the policy period.

    Motor insurance (Leadway Auto Plan): This is a motor plan which offers coverage against loss or damage to vehicles as well as damage to third party vehicles, properties and injury or death as a result of an accident involving the insured vehicle(s). There are different plans, which includes Silver, Gold and Platinum covers.

    Leadway BOSS (L-BOSS): This is a  product that protects small and medium-size business against various risks like material damage to business, burglary, employee medical expenses in one single plan; for a premium as low as N92,750 depending on the plan chosen. Nonetheless, flexible premium is allowed i.e. it can be paid annually, semi-annually, quarterly or monthly.

    L-Happy: This product protects all your assets including your household members against the risks of fire, theft, personal accident, medical expense etc. on your assets such as; Household building and/or contents, Motor, Personal Accident and Legal Occupier’s liability. It comes in Basic, Bronze, Silver, Gold and Platinum Plan covers with annual limit coverage up to N55 million. Premium can be paid annually, semi-annually, quarterly or monthly basis.

     

    Brief history of Leadway Incorporation

    Leadway Assurance Company Limited was incorporated as a limited liability company in 1970 and started business operation in 1971.  The company’s business operation started  in Kaduna from where it spread to other parts of the federation.  At present, Leadway has over 24 Branch Offices with Kaduna serving as the Registered Office and Lagos, the Corporate Office.

     

    The Founder

    The Founder, Sir (Dr.) Hassan Olusola Odukale’s vision was to build an insurance company that will serve the interest of insureds; responding to losses promptly and able to compete with other international insurers.  This vision was driven by a team that included some of its past chairman Alhaji Hassan Hadejia (immediate Past Chairman) Alhaji Mohammed Faruku and Pastor Jaiyeola Oni (former General Manager).

    Sir (Dr) Hassan O. Odukale insurance business started as an agency representing the interests of Royal Exchange Assurance Nigeria in the northern part of Nigeria. It later transformed to Gaskiya Insurance Brokers before it was re-registered as Leadway Assurance Company Limited.  During this time, Sir Odukale knew little or nothing about the sector. However, by dint of hard work, confidence and honesty Sir Odukale and his partners were able to build a business that has successfully outlived them. The highly honoured insurance practitioner passed on in 1999.  He was a Fellow of Chartered Insurance Institute of Nigeria (1995) and a Paul Harris Fellow.

     

    Business Operations

    At the beginning, the company had to survive on the goodwill of many companies including Northern Nigerian Development Company (NNDC), which gave it rent relief and Bank of the North. The Founder, Sir. Odukale also mortgaged his house to raise the N50,000 statutory deposit to Central Bank of Nigeria, (CBN).

    One of the major factors that kept Leadway afloat over the years was that Sir Odukale and his successors strategically, shifted the focus of the business from traditional motor and life business to achieve stability and phenomenon growth in other allied insurance businesses, even though motor and Life insurance still constitute a big chunk of its business.

    In late seventies the company started operating in Lagos market. The big break from a traditional retail underwriting business to the big corporate underwriter came in the eighties when it started working with brokers. The big break for Leadway was in 1982, when a Broker gave the company the opportunity to participate in the underwriting of some marine insurance businesses. However, one of these policies resulted in a claim of about $1 million.  To the surprise of industry watchers, the claim was promptly paid up. The success of this claim opened a new vista of opportunities for Leadway and drastically changed its business operations as it was able to penetrate into corporate organisations and the lucrative Lagos market.

    Leadership Change

    In 1994, there was a changed in the mantle of Leadership.  Mr. Oye Hassan- Odukale, became the MD/CEO and in less than 10 years, the company was repositioned to an enviable height through the discovery of other sources of investments outside the insurance sector. These includes investment in quoted government bonds, public and private companies.

     

    Financial

    Following the wise investment strategies, the company has always witnessed a steady growth.  For instance, the Net Premium Written grew from  N2.4 billion in 2003 to N3.3 billion in 2004, N3.9 billion (2005) and N4.9 billion in 2006.  Likewise, Profits after Tax over the same period moved from N306 million to N520 million in 2006. The Assets Base also witnessed a tremendous growth. From the N5.9 billion mark in 2003 to N16.4 billion in 2006. The company in the 2016 financial year paid N23.06 billion claims to Nigerians.

     

    Recapitalisation

    The company’s recapitalisation exercise did not impose any major threat to the company.  As at 31st December 2006, the company’s Shareholders’ funds was N9.4 billion.  This amount was internally generated through shareholders. The company’s attraction as a good investment was not limited to Nigerians, as International Finance Corporation (IFC) is currently an institutional investor ($13.2 million) in the company. As at 31st December 2012, shareholders fund stands at N11.7billion.

  • Leadway boosts journalists’ knowledge on marine, oil and gas

    Leadway boosts journalists’ knowledge on marine, oil and gas

    Leadway Assurance Plc has boosted the skills and knowledge of media practitioners reporting Insurance on oil and gas, marine and aviation insurance as well as legislations and policies in the insurance sector.

    It was at a capacity building training, organised in partnership with the National Association of Insurance and Pension Correspondents (NAIPCO). The training was part of activities for the 2017 NAIPCO Conference.

    The training, which is the maiden edition of the initiative, focused on key areas including oil and gas insurance, marine insurance as well as legislations and policies in the insurance sector.

    Speaking on the training, Executive Director, General Business, Leadway Assurance, Ms. Adetola Adegbayi, reiterated the organisation’s commitment to empowering media practitioners to attain world class standard in the delivery of their profession.

    According to Adegbayi, the training was part of the Leadway’s contribution to improving the media sector through regular capacity development training.

    The media practitioners, who participated in the training workshop, commended the company for its laudable initiative designed to improve their skills and knowledge about the insurance industry.

    Its Managing Director, Riskshield, Roland Okoro, described the training as an initiative organised at the right time when the country was in need of balanced and accurate reporting.

    “This platform provided by Leadway Assurance is indeed, a positive one and is avaluable platform for knowledge acquisition for media practitioners,” Okoro added.

  • Leadway, Pensure, others partner Nollywood on health insurance

    Leadway Assurance Company Limited, Leadway Pensure PFA and Pinewood Medicare have signed an agreement with 13 affiliates of Nollywood on an insurance scheme, tagged NollyHealth Insured, for their members, its Executive Director, Ms. Adetola Adegbayi, has said.

    In a statement in Lagos, Adegbayi said the Memorandum of Understanding (MoU) was signed on July 13 at the NAN’s Media Centre, National Theatre Complex at Iganmu, Lagos.

    According to her, under the partnership, members in the creative industry, including the Association of Motion Picture Entertainment Editors of Nigeria (AMPEEN); Creative Designers’ Guild of Nigeria (CDGN); Cinematographers’ Society of Nigeria (CSN); Directors Guild of Nigeria (DGN); Film & Video Producers’ and Marketers’ Association of Nigeria (FVPMAN); and Independent Television Producers Association (ITPAN).

    Other members are Motion Picture Practitioners Association of Nigeria (MOPPAN); National Association of Nigerian Theatre Arts Practitioners (NANTAP); Screenwriters’ Guild of Nigeria (SWGN); Theatre Arts and Motion Pictures Producers Association of Nigeria (TAMPAN) and United Movie Practitioners’ Association of Nigeria (UMPAN).

    He said mebers of the association would enjoy a unified general insurance, healthcare, pension coverage and other benefits.

    She added: “Leadway Assurance will provide a life/general insurance policy for practitioners covering the following: Group Personal Accident Insurance, which provides compensation to members/affiliates of the group in the event of accidental bodily injury to the insured person(s) that may result to death or disablement; Group life cover for the beneficiary of a member who passes away while in Service and Business Protection Insurance (Creative Art Production Insurance) under which is  Cast & Crew Insurance, Fire & Burglary on Directors & Crew’s Personal Property, Miscellaneous Equipment (all risks), public liability insurance and theft or loss of money on a filming location.

    “On the other hand, its subsidiary company Leadway Pensure PFA would cater for the pension funds of members, while Pinewood Medicare HMO would serve as a healthcare service provider for the members of the  interest groups within the Nollywood ecosystem.

     

    President, Directors’ Guild of Nigeria (DGN), Fred Amata, who spoke on behalf of the creative industry said the initiative is the first collective effort of the creative sector to seize the opportunity of the persuasive power of unified numbers in negotiating an advantage for the benefit of the larger sector adding that NollyInsured is a progressively inclusive initiative.

    Also the Managing Director, Pinewood Medicare, Dr. Olasimbo Davidson, said the Nolly-care programme is designed firstly to end healthcare inequalities that pertain to income differences, and secondly to end preventable deaths, which often stem from high healthcare costs. Lastly the Nolly-care programme aims to significantly reduce poor health outcomes, which are typically linked to low access to high end specialists and sub- specialists.”

    The Minister of Information and Culture, Lai Mohammed, who was represented by the Managing Director, Nigerian Film Corporation, Dr. Chidia Maduekwe, assured Nollywood stakeholders of the Federal Government’s continual support towards the development of Nollywood insurance scheme, which provides favourable healthcare conditions for practitioners.

    Madueke stressed that the insurance scheme could not have come at a better time, especially in the face of the urgent medical challenges that has faced members of the film industry.

    He pointed out that there was the urgent need for both stakeholders to discuss health insurance and health issues pertaining to Nollywood members.

     

     

     

     

  • Leadway, AIICO top 10 insurance firms

    Leadway, AIICO top 10 insurance firms

    report has ranked Leadway Assurance Plc and AIICO Insurance Plc, as the best in terms of assets, Gross Premium Income (GPI) and Profit Before Tax (PBT) in 2015 financial year. They both operate life and non-life business out of the 56 existing insurance companies in the country

    Besides, out of 41 non-life companies, Leadway also emerged as number one with highest GPI of N15.43 billion and has the highest market share of 8.65 per cent in 2015 financial year.

    The report, obtained by The Nation, was published in the 2015 Nigeria Insurance Digest, an annual publication of the Nigeria Insurers Association (NIA) – the umbrella body of insurance companies.

    Under the non-life category, Custodian and Allied Insurance Plc and AXA Mansard Insurance Plc were ranked number two and three with GPI of N14.36 billion and N11.37 billion and market share of 8.04 per cent and 6.37 per cent respectively.

    According to the report, other companies in the top 10 included Mutual Benefits Assurance Plc with a record of N10.5 billion and N 5.91 per cent market share, NEM Insurance Plc with N10.3 billion GPI and 5.8 per cent market share.

    AIICO General Insurance Company Limited has N8.19 billion GPI and 4.59 per cent market share, Zenith General Insurance Company Limited has N8.17 GPI and 4.58 per cent market share, Sovereign Trust Insurance Plc (STI) has N7.1 billion GPI and four per cent market share, Royal Exchange General Insurance Company Limited has N6.8 billion GPI and 3.86 per cent market share and Consolidated Hallmark Insurance Plc with N6 billion and 3.38 per cent market share.

    The report showed the bottom 10 companies in ranking order as Investment and Allied Insurance Plc, with the least GPI of N4.4 million and no market share. Others are Universal Insurance Plc with N728 million GPI and 0.41 per cent market share, Fin Insurance Company Limited with N757 million GPI and 0.42 per cent market share, Guinea Insurance Plc – N870 million GPI and 0.49 per cent market, NICON Insurance Plc has N947 million GPI and market share of 0.53 per cent, Nigerian Agricultural Insurance Corporation (NAIC) has N1 billion GPI and 0.58 per cent market share, Great Nigeria Insurance Plc has N1.4 billion GPI and 0.79 per cent market share, Ensure Insurance Plc, formerly Union Assurance, has N1.5 billion GPI and 0.85 per cent market share, and KBL Insurance Limited with N1.8 billion GPI and 1.01 per cent market share.

    The report further showed that Leadway has the highest assets to the tune of N44 billion and was  followed by Custodian with N27 billion, Zenith N25 billion, AXA N23 billion, Wapic N20 billion, Royal Exchange N18 billion, Linkage N17 billion, Mutual N15.7 billion, Industrial and General Insurance Plc (IGI) N15.2 billion and AIICO N13 billion assets.

    In the life business category, out of the 27 existing companies, Leadway again emerged as number one with N31.2 billion GPI and 23.28 per cent market share, followed by AIICO with N24.2 billion GPI and 18.09 market share, FBN Life N10.3 billion GPI and 7.69 per cent market share, African Alliance N10.1 billion and 7.56 per cent market share, and Niger Insurance Plc N7.8 billion GPI and N5.89 per cent market share.

    The bottom five are Spring Life, which is under regulatory intervention with N32 million GPI and 0.02 per cent market share, NICON with N92 million GPI and 0.07 per cent market share, Unic Insurance Plc has N259 million GPI and 0.19 per cent market share, Goldlink Life, under regulatory intervention, also has N757 million GPI and 0.56 per cent market share, while Wapic Life has N1.2 billion GPI and 0.91 per cent market share.

    Overall, the underwriting performance of both life and non-life/composite companies, totaling 56 companies in Total Assets, GPI and Profit Before Tax (PBT), showed that Leadway emerged the strongest with total assets of N137.9 billion, N46.6 billion GPI and N6.4 billion PBT.

    AIICO recorded assets of N80.7 billion, N32.4 billion GPI and PBT of N1.4 billion. NICON has assets of N39.3 billion, N1 billion GPI and a loss in profit before tax of N11.3 billion. Axa Mansard has a total asset of N37.8 billion, N15 billion GPI and N689 million PBT while Industrial and General Insurance Plc has N33.45 billion assets, N5.42 billion GPI; Mutual Benefit Life Assurance has N32.6 billion assets; N3.3 billion GPI and N151 million PBT.

    Others are Custodian and Allied Insurance with N27.8 billion assets, N14.36 billion GPI and N3.5 billion PBT; Zenith General Insurance has N25.9 billion assets, N8.1 billion GPI and N5.7 billion PBT; African Alliance Insurance has N23.12 billion assets, N10.13 billion GPI and N764 million PBT while FBN Life Assurance has N20.93 billion assets, N10.31 billion GPI and N1.8 billion PBT.

  • Leadway, Total seal pact on third party motor insurance

    Leadway Assurance Company Limited has signed a Memorandum of Understanding (MoU) with Total Nigeria Plc to sell third party motor vehicle insurance to the general public in some designated Total service stations across the country.

    The deal was signed in Lagos where the Executive Director, General Business, Leadway Assurance, Ms Adetola Adegbayi represented the Managing Director, Oye Hassan-Odukale and the Territorial Sales Manager (North), Total Nigeria Plc- Muftau Balogun represented the Managing Director, Total Nigeria Plc, Jean-Philippe Torres in Lagos.

    According to Ms Adegbayi, the agreement allows Leadway’s insurance products and services to be made available in some designated Total service stations across the country starting with 20 stations in Lagos.

    She stated that Leadway’s easy-to-use third party motor vehicle insurance recharge cards will not only be used as pick up centres for Leadway Assurance products but would also serve as collation centres for all insurance related issues such as claims processing.

    Leadway’s Executive Director, Finance and Systems Tunde Hassan-Odukale said as an innovation-driven market leader in the insurance industry, they are constantly seeking ways to make insurance products and services nearer, easily accessible and more convenient to customers.

    He added that they have developed their online infrastructure to provide real-time, online access and interaction for their clients.

    He said: “The partnership with Total reinforces that quest to further take insurance closer to Nigerians whilst affirming our commitment to superior service delivery. Indeed, with this partnership, our customers, who are also consumers of Total’s array of products and services, would reduce their commuting time and cost to procure high value insurance products such as the motor insurance, at a single location. The Nigerian insurance industry has been characterised by low market penetration and adoption resulting in the industry contributing less than one per cent to the nation’s Gross Domestic Product (GDP).

    Territorial Sales Manager (North), Total Nigeria Plc Muftau Balogun said: “We are proud of the partnership with Leadway Assurance, a dynamic organisation, who shares our values of integrity, innovation, and superior service delivery. This is an association of caring brands.

    “With this partnership, our outlets will become the first in our industry to have insurance products and services offered at the convenience of our customers from our service stations, he added.

  • Swiss Re acquires 25 percent stake in Leadway Insurance

    Leadway Assurance Company Limited has announced that Swiss Re has purchased a 25 per cent stake in the company.

    Leadway Managing Director Mr Oye Hassan-Odukale made this known  in Lagos.

    According to him, the acquisition of shares by Swiss Re marks the beginning of a new chapter in the firm.

    He said the complementary capabilities and philosophies of the two firms would bring great opportunities for Leadway to emerge as a leading African financial institution.

    He said: “Swiss Re was selected as an investor because of the existing and well-established relationship between the two organisations. This comes in addition to Swiss Re’s long-standing commitment to the insurance sector which combines financial strength, risk transfer expertise and its direct investments.

    “The investment allows Swiss Re to deploy capital in-line with its strategy of accessing new risk pools in emerging markets and to support insurance development across the globe. The investment comes after the exit of the International Finance Corporation (IFC), a member of the World Bank, which was the second largest shareholder of Leadway Assurance.

    “The relationship between Swiss Re and Leadway started nearly 40 years ago when the then domestic insurer was in the process of ramping up its direct and personal line insurance operations into commercial and industrial line insurance operations to compete in a market which was dominated by much older foreign linked insurers.’’

    Hassan-Odukale added: “For over 45 years, Leadway has enjoyed steady growth while providing integrated insurance and financial services to its numerous clients and policyholders. It has substantial investment in key sectors of the economy with a diversified portfolio of subsidiary investments in pension fund management, trusteeship and hospitality.The company’s remarkable success has been possible because of its sound professional and business standards backed by the integrity of its board of directors and executive management.’’