By LOVETH AZODO, Lagos
Leadway Assurance has strengthened its position in Nigeria’s insurance market with a record N137 billion claims payout in the 2025 financial year, underscoring its financial strength and commitment to policyholders amid a challenging economic environment.
The company disclosed that claims expenses rose by 17 per cent from N117 billion in 2024 to N137 billion in 2025, reflecting increased obligations across its life, annuity, and non-life insurance portfolios.
According to the insurer, the non-life business accounted for N55.4 billion of total claims paid during the year, while annuity payouts stood at N57.9 billion and life insurance claims amounted to N23.7 billion.
The strong claims performance came alongside significant growth in the company’s core financial indicators, with insurance revenue rising by 30 per cent from N173.2 billion in 2024 to N225.3 billion in the year under review.
Leadway attributed the growth to increased customer demand for insurance solutions and broad-based expansion across all business segments.
The company also reported growth in total assets, which increased to N1.155 trillion from N1.024 trillion recorded in the previous year, reinforcing its balance sheet strength, liquidity position, and long-term growth capacity.
Industry analysts say the results highlight the growing importance of strong claims-paying ability in building consumer trust within Nigeria’s insurance market, particularly at a time of heightened economic pressure and evolving regulatory reforms.
Commenting on the performance, Managing Director and Chief Executive Officer of Leadway Assurance, Gboyega Lesi, said the company’s 2025 results reflected the resilience of its business model and the confidence customers continue to place in the Leadway brand.
“Our 2025 performance reflects the resilience of our business model, the trust our customers continue to place in the Leadway brand, and our unwavering commitment to honouring obligations when customers need us most,” he said.
“Paying N137 billion in claims across our annuity, life, and non-life portfolios demonstrates the strength of our balance sheet and our customer-first commitment,” Lesi added.
He noted that the company remained strategically positioned to benefit from ongoing reforms within the insurance sector, particularly under the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
According to him, Leadway would continue to deepen insurance penetration, strengthen digital capabilities, and pursue innovation-driven growth initiatives aimed at expanding access to insurance products across Nigeria.
The insurer also disclosed plans to intensify investments in technology-driven innovation, customer experience enhancement, operational efficiency, and product development as part of its long-term growth strategy.
Analysts noted that increasing insurance awareness, rising adoption of digital distribution channels, and regulatory reforms are expected to support growth opportunities within the industry, with established operators such as Leadway positioned to consolidate market leadership through strong capitalisation and service delivery.
With its latest financial performance, Leadway further consolidates its reputation as one of the country’s most dominant insurance operators by assets, claims settlement capacity, and market reach.
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