Lead way assurance limited paid N1.75bn as cash dividend, issue bonus in 2018

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Leadway Assurance Company Limited (‘Leadway’) is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability, not yet listed for trade on the floor of the Nigerian Stock Exchange. Mr. Oye Hassan-Odukale, Managing Director,  Leadway Assurance Company Limited
The company has declared and paid a cash dividend of N1.75bn (18.67 kobo per share), a bonus issue of 9 share for every 8 shares in issue; and a special non-cash dividend in specie being shares held in four subsidiary companies valued at N3.637bn in 2018 as against only a cash dividend of N1.5bn (16.02 kobo per share) was paid in 2017.

The directors have made assessment of the Group and Company’s ability to continue as a going concern and have no reason to believe that the Group and Company will not remain a going concern in the year ahead by Mr. Oye Hassan Odukale, Managing Director of Leadway Assurance Limited

Operating results for the year ended 31 December 2018 highlights of the Group and Company’s financial performances as below:
Group’s Gross premium written stood at N88,039,621 from N84,189,079 , Group Profit before tax stands as N9,533,005 from N13,448,965, while Group Income tax expense for the year anchored on N2,269,424 to N652,304 and the Group Profit for the year stood at N7,263,581 12,796,66 in previous year respectively.

While the company’s Gross premium written stood at N87,519,720 from N84,189,079, Company Profit before tax stood at N11,412,782 from N13,448,965 and Company Income tax expense showed N2,229,461 as against N652,304 while Company Profit for the year decline to N1 9,183,321 from 12,796,661in previous year respectively.

According to the statements excerpts from the company’s annual report posted on the company’s website stated “one of our key strategy to providing an enhanced customer experience is our provision of a 24/7 customer service. This ensures continuous customer engagement through our complaints management and customer resolution. Our Investment in technology has grown tremendously to provide our customers with the option of self –service. To this regard a continuous gear to enhancing our own data management is very pertinent. We have also improved our feedback gathering mechanisms. Our services have been extended to managing our customers efficiently through our digital platforms which includes our Mobile Apps, Web chats, WhatsApp and CRM integration. We are constantly incorporating customer feedback from these channels into product design/ redesign. This has resulted in improved product acceptability and reduced cases of product failures and attainment of customer goodwill

In the report, Mr. Oye Hassan Odukale Managing Director disclosed that Leadway Assurance Company Limited has decided to focus on its core Insurance business thus divested its non-insurance subsidiaries (Leadway Pensure PFA Limited, Leadway Capital & Trust Limited, Leadway Hotels Limited, Leadway Properties & Investments Limited & Leadway Assets Management Company Limited) during the year to Leadway Holdings Limited.

The divestment, Odukale noted, is to drive synergy and efficient capital allocation within the group. Leadway Vie Cote d’Ivoire is a life Insurance Company which is “born digital” was lso lauched during the year. Leadway Vie has been planned and is being executed as a digital-led business. It is being positioned as a company to TRUST – we will not tell stories when our customers need us. This is our first venture outside Nigeria.

Also our social responsibility is designed to impacted tremendously on the lives of the less privileged in the society through its corporate social responsibility. It has provided support in education, health and community welfare, to mention but a few. Citing the company spent a total sum of N50,891,387 as against N64,882,789 in 2017 on donations and charitable gifts to the needs for the year under review saying there was donated to non-political and charitable organizations, in order to identify with the aspirations of the community and the environment within which the Company operates.

“For over 45 years, Leadway has honored its underwriting commitments and has earned its reputation of excellence in claims handling. The evolution of Leadway since 1970 has mirrored the dramatic expansion of indigenous insurance service providers, with Leadway remaining in the forefront as an insurer of repute.

“The reputation enjoyed today by Leadway has been attained by the continuing pursuit of improvements to maintain competitive advantage. All aspects of the business are approached with discipline; the recruitment of staff, the development of products, the advancement of technologies and the personal service offered to each client.

“Our superior capabilities in Claims settlement as well as solid financial reputation are put behind our diverse clientele who have entrusted us with undertaking their risks.

Leadway Assurance Company Limited Group is committed to adhering with high standards of good corporate governance at all levels of its operations. On that note, the Board of Directors has continued to ensure the implementation of corporate governance principles that guarantee fairness, accountability and transparency in all its dealing within and outside the Company and its subsidiaries.

At Leadway we complies with all laws, regulations, rules and guidelines, applicable to insurance business, including the Code of Business Ethics and Principles on Good Corporate Governance issued by the National Insurance Commission (NAICOM).


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