Leadway Bags BAFI Insurance Award Hat-trick on N137bn Claims, N1.16trn Assets

By LOVETH-AZODO CHIJIOKE, Lagos

In a resounding endorsement of its balance sheet resilience and underwriting discipline, Leadway Assurance Company Limited has been crowned the ‘Insurance Company of the Year’ at the 14th edition of the BusinessDay Banks and Other Financial Institutions (BAFI) Awards in Lagos.

The victory marks the third consecutive year the underwriter has claimed the flagship industry prize, having won the title in 2024 and 2025, cementing its status as the bellwether of Nigeria’s non-banking financial sector.

The BAFI adjudication panel anchored the insurer’s victory on its strong financial performance in the 2025 fiscal year, driven by expansion across key balance sheet metrics and an industry-leading claims settlement record.

Financial disclosures show that Leadway’s insurance revenue surged by 30 per cent year-on-year, climbing from N173.2 billion in 2024 to N225.3 billion in 2025. Concurrently, the composite insurer expanded its asset base from N1.024 trillion to N1.155 trillion, fortifying its standing as one of the few trillion-naira asset holders in the nation’s underwriting space.

Crucially, the underwriter disbursed N137 billion in claims settlements in 2025, representing a 17 per cent increase from the N117 billion liquidated in 2024. Market observers regard the scale and promptness of these payouts as a pivotal factor in the award decision, validating the firm’s capacity to absorb insured losses amid a volatile macroeconomic environment.

Reflecting on the milestone, the Managing Director and Chief Executive Officer of Leadway Assurance, Gboyega Lesi, noted that the third consecutive recognition directly reflects policyholder trust forged through consistent claims honouring.

“Being named Insurance Company of the Year for the third consecutive year is a strong affirmation of the confidence our customers place in us. That confidence is built on consistency, accountability, and our ability to deliver when it matters most. The N137 billion in claims paid in 2025 reflects this responsibility in tangible terms,” Lesi said.

The insurer has also continued to drive retail adoption through bespoke product design, recently unveiling the Leadway Lifetime Plan in August 2026 for comprehensive family coverage, and the ‘Arrival Pack’ in September, designed to insulate diaspora travellers and hospitality businesses ahead of Nigeria’s peak end-of-year season.