The Nation Newspaper

Tag: Leadway

  • Leadway records N137.3b assets, reports 125% increase in profit

    Leadway Assurance Company has posted a 37 per cent growth in assets to the tune 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 showed 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.

    With good performance on its investments, Leadway reported a record 125% growth in the company’s profit after tax to N6.3bn from N2.8bn in 2014.

    Speaking during the presentation of the results, the Acting Chairman, Mr. Jeremy Rowse, stated 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.

  • Leadway is best customer service insurance firm

    Leadway Assurance Company Limited has received the award for “Best Customer Service Company in Insurance Services” at the just-concluded 2015 edition of the Nigerian Customer Service Awards held in Lagos.

    The awards are organised by the Nigerian Customer Service Awards (NCSA), a quality service organisation that conducts an independent assessment of quality service.

    The agency uses votes received from customers of each organisation, via a customer service tool that collates and analyses feedback from each customer and grades their responses, using world standards as benchmarks.

    NCSA Co-ordinator Dr. Aliyu Illias, described the award as a  confirmation of Leadway’s commitment to serve and corporate excellence.

    Head, Retail Marketing/Bancassurance of Leadway Assurance, Olufemi Adebayo said: ”We are humbled and proud to be recognised as the Best Customer Service Insurance Company in Nigeria. This award is the evidence of our hard work and commitment to ensuring customer satisfaction.”

    He expressed gratitude to all Leadway customers for the trust and confidence reposed in the company, adding that the underwriting firm has over the years ensured the provision of consistent quality customer service to its customers as they are the main reason the company remains in business.

    The company explained that in ensuring that it fulfils its promises to customers, it has consistently shown examples of satisfying the customers by paying over N11bn in claims for 2014 alone.

  • Bristol helicopter crash: Leadway, Scib lead insurer, broker

    Leaday Assurance Limited and Scib Nigeria Company Limited are both lead insurer and broker of the Bristow Sirkorsky S-76 Helicopter that crashed into the lagoon in Lagos last week, The Nation has learnt..

    Both firms confirmed via Sms text messages that the aircraft was insured in Nigeria and the premium paid up to date, adding that the aircraft was insured in Nigeria by Nigerian underwriters, led by Leadway and that the contract has both local and foreign reinsurance backing. They were however silent on the sum assured,

    Meanwhile, efforts to confirm sum assured and other type of insurance claim available to the victims proved abortive as the company’s Public Relations Officer, Cornelius Onuora, was yet to respond to inquiries as at press time.

    The Managing Director, Leadway Assurance,  Hassan Odukale, said the aircraft was insured in Nigeria by a panel of Nigerian insurers and the contract was handled by Scib Nigeria Insurance Brokers. On the details of the contract, Odukale replied : “Yes we are leading the panel of underwriters with Scib Nig & Co as the broker.As per ethics of our profession, we would suggest you approach the brokers for information on the claim.This is already in public domain and I agree with you that the public should be informed,” Odukale stated.

    When contacted,  the Managing Director, Scib Insurance Brokers, Mr Sola Tinubu, who said he was on a trip outside Lagos referred our reporter to the General Manager and Head of Technical of the company, Ayo Akande, who was not on seat, but in his SMS response on the details of insurance of the aircraft, he said: Akande confirmed that the aircraft was insured.

    He said: “The insurance was arranged by Scib Nigeria and Co Ltd.The programme is written by a panel of local underwriters and offshore reinsurers.

    “The insurance is fully compliant with Nigerian laws and regulations as well as international standards and requirements .This is the information available at this point in time”, Mr Akande said.

    Based on the International Civil Aviation Organisation (ICAO) global requirement for insurance claims, a minimum of $100,000 is to be paid to the family of each passenger who died in plane crashes. Thirty per cent of the total claims, or $30,000 per head, is expected to be paid within 30 days of the loss as the initial liability, while the balance is to be paid after the presentation of letters of administration by the victims’ family members.

  • New chair, ED for Leadway

    The Board of Leadway Assurance has appointed Mr. Umar Yahaya as its Chairman. He replaces its founding Chairman, the late Alhaji Hassan Hadejia-Shettiman Hadejia.

    According to a statement, Mr Yahaya is a former director of First Bank of Nigeria Plc and New Africa Merchant Bank Limited, among others.

    He is also a director of Fidelity Bank Plc, First Pension Custodians and a Trustee of PZ Cussons.

    Also, Ms. Adetola Adegbayi, has been named Executive Director, General Business. She joined Leadway Assurance 18 years ago as an Assistant Manager, and rose to the position of General Manager (Business Services and Special Risks) in 2009. She is a lawyer with varied experience in legal research, corporate legal practice, insurance and financial services.

    According to Hassan-Odukale, the appointments of Mr Yahaya and Ms. Adegbayi, reflect the dynamism within Leadway Assurance and its robust governance structure.

    The Life Business, General Manager is Mr Shadrack Sivhugwana, an actuary and Fellow of the South African Institute of Actuaries.

  • Leadway Assurance man is Nigeria’s fourth actuary

    Leadway Assurance Plc has announced the elevation of Mr Kingsley Miller to the status of Fellow of the Society of Actuaries, United States.

    In a statement the company said Mr Miller, an Executive in its Actuarial Services Department, received the award in December last year. He was made an Associate the previous year.

    The company said Miller is the first Nigerian to qualify without leaving the country for studies abroad, despite the challenging environment.

    “There are just about six qualified actuaries practising in Nigeria; and of these, only four are Nigerians. This reiterates the need for more trained actuaries in the country as they are useful in complex investment structuring and insurance, making them integral to the development of any nation.”

    Managing Consultant, HR Nigeria Limited, Mr Rotimi Okpaise, also a Fellow, praised Mr Miller for the achievement, describing him as an indigeneous professional, who could stand on his own anywhere.