GCR Affirms Leadway Assurance’s “AA+(NG)” Financial Strength

By LOVETH AZODO, Lagos

Leadway Assurance Company Limited has received a reaffirmation of its National Scale Financial Strength Rating of AA+(NG) from Global Credit Ratings (GCR), highlighting its robust financial standing and market leadership.

The announcement was made by Head of Corporate Services, Leadway Holdings, Aishat Bello-Garuba.

In its latest report, GCR praised Leadway Assurance for its strong financial profile, established market presence, and effective operational framework. The rating reflects the company’s prudent risk management and resilience in navigating economic challenges while maintaining stable performance.

GCR noted that Leadway’s competitive advantage stems from its extensive brand recognition and operational excellence.

“The affirmation of Leadway Assurance’s rating is supported by its prudent capital management strategies, which have allowed it to sustain robust solvency levels and maintain an industry-leading asset base,” the agency stated.

The rating process was conducted independently, with GCR affirming that external business activities did not influence the evaluation. The assessment relied solely on Leadway Assurance’s financial merits and risk profile, conducted through virtual interactions.

Gboyega Lesi, Managing Director and CEO of Leadway Assurance, commented on the reaffirmation: “This rating validates our strategic drive to enhance financial and operational resilience. We remain committed to fulfilling our obligations to clients, regardless of scale. The AA+ rating not only reflects our strong financial foundation but also reinforces our stakeholders’ trust in us.”

Since GCR’s initial rating of ‘A(NG)’ for claims-paying ability in 2001, Leadway Assurance has consistently demonstrated its commitment to financial excellence, having paid over NGN 338 billion in claims over the last eight years. The company continues to focus on digital transformation, innovative solutions, and sound corporate governance to provide value-driven services. Lesi concluded that this reaffirmation underscores Leadway’s resilience and dedication to serving policyholders and stakeholders.