Leadway Life Assurance Targets Timely Payment of Annuitants Benefit

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Leadway Life Assurance Ltd, has assured annuitants under its coverage of its commitment to providing them with timely payment of monthly annuity benefit throughout their life time.

Leadway Life Assurance general manager, Tinashe Muyambo, said at the annual end of the year party organised by the company in Lagos, that Leadway will continue to fulfill its promises to its annuitants because of its understands the importance of annuity fund in every economy.

Muyambo disclosed that the company has about 20,000 annuitants in its payroll, saying its spends about N1billion monthly on payment of benefits to them (annuitants).

“Annuity is an important business; economist said it is the backbone of an economy because it is savings put back to economy to generate income used and given back to the annuitants.”

General Manager said, having good understanding of importance of annuity, Leadway Assurance, has assembled professionals and actuaries from across the globe to help it understand its liabilities and investments in annuity business.
“It is very certain we will be there for life therefore we ensure we manage risk properly; comply with all regulations to ensure we generate ongoing and sustainable business for life”, he stated.

In his words: Leadway Assurance was excited to organise the forum which according to him, was the fourth in the series. The annual event gives the management proper understanding of issues that arise for the annuitants during the year, he added.

Muyambo revealed that at the forum, the company provides doctors and other health care personnel that attend to the health needs of the annuitants.

Leadway life Assurance, he added is aware that new annuitants are on their way; they are very much there for them.

The general manager while reponse to questions said, contrary to recent allegations by some pension fund managers whose programme withdrawal system of pension benefit payment is competing with annuity that insurance companies in their bid to sell life annuity to retirees make outrageous promises, in Leadway life Assurance, all promises made to the annuitants are within regulatory lines as well as within the lines of prudent actuarial limit.

Muyambo insisted that Leadway makes promises that will enable it be there for annuitants for life.

Speaking at the event, one of the annuitants of the company, who retired from Africa Reinsurance Corporation, mrs Olasupo Adeyoa said, she will ever remain grateful to her employer and Leadway Assurance for their guidance in her retirement benefit issues.

She said with Leadway Assurance, her retirement has been a sweet experience.
Mrs Adeyoa, further noted that the company pays her monthly benefit on the 12th of every month , promising to recommend Leadway to other retirees for management of their annuity.

“Knowing what to do after a home or personal property loss is key to avoiding further loss and getting your claim handled smoothly. Various versions have evolved over the years, sometimes by accident, sometimes on purpose.”

About Leadway Assurance Company Limited

Leadway Assurance Company Limited (‘Leadway’) is one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability. Leadway Assurance Company Limited was founded in 1970. Sir (Dr.) Hassan O. Odukale, (KJW, D.Sc., FCIIN).  For over 40 years, Leadway has honoured its underwriting commitments and has earned its reputation of excellence in claims handling and playtech free slots.

It has a chequered history of being a company with close attention to relationships, having started operations as a direct motor insurance company. Soon the relationship developed to a stage where it has established a deep relationship with the brokers’ network in Nigeria, enjoying 80% of its current business from this source.

The pivotal point at Leadway is “the customer” and the company has enjoyed a steady growth in its commitment to providing integrated insurance and financial services to its numerous customers.

The Company’s remarkable success has been possible because of its sound professional and business standards backed by the uncompromising level of integrity of its Directors. An uncompromising level of integrity of service is a tradition imbibed at LEADWAY and instilled by its late founder, Sir (Dr.) Hassan O. Odukale, KJW, D.Sc, FCIIN (1926-1999).

As an astute and honest businessman the founding Managing Director and later Chairman of the Board of Directors, Sir Odukale nurtured the Company to an enviable position in the Nigerian insurance industry. His vision of dedicated service to all customers remains a guiding principle that shapes the policies of the company.

LEADWAY is a private company with 42 shareholders, 14 of which are corporate investors, and 2 Trust Corporations.

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