Leadway Assurance Company

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Leadway Assurance Company
  • Date of creation: 1970, Kaduna, Nigeria
  • Classes of business: Life and non-life
  • Distribution Network: 24 subsidiaries
  • Number of employees: 331

Leadway Assurance Company in 2022

Martin Luther Agwai
Tunde Hassan-Odukale
Martin Luther Agwai
Chairman of the Board of Directors
Tunde Hassan-Odukale
Managing Director/CEO
Share capital23 613 000 USD
Turnover202 597 000 USD
Assets1 182 241 000 USD
Shareholder’s equity181 103 000 USD
Net result26 023 000 USD
Net non-life loss ratio65.85%
Net non-life management expenses ratio40%
Net non-life combined ratio105.85%

Management

Martin Luther AgwaiChairman of the Board of Directors
Tunde Hassan-OdukaleManaging Director/CEO
Adetola AdegbayiExecutive Director. Technical Service
Gboyega LesiExecutive Director. Commercial
Yemisi RotimiChief Financial Officer
Kunbi AdeotiHead HR and Admin
Odalo AimufiaChief Information Officer
Ernest AziagbaActuary, General Business
Bamidele LawalChief Technical Officer
Kikelomo FischerChief Risk Officer

Shareholding

ShareholdersShares
Sir Hassan Olusola Odukale Trust25%
Leadway Trustees Limited13%
OHO Investments Limited8%
Others54%

Leadway Assurance Company : main technical highlights

Figures in thousands USD

Highlights20182019202020212022
Gross written premiums239 804248 234140 036170 361202 597
Gross non-life written premiums82 85396 02880 25288 54690 278
Gross life written premiums156 951152 20659 78481 815112 319
Net written premiums194 278199 03494 598120 701157 621
Net non-life written premiums40 40848 36938 19743 78548 455
Net earned premiums195 610194 26196 675114 426141 824
Net non-life earned premiums41 74045 39239 90038 02447 504
Net non-life incurred losses23 00217 39518 67119 33531 283
Non-life management expenses9 05614 09713 88015 53919 382
Net non-life loss ratio (1)55.11%38.32%46.79%50.85%65.85%
Net non-life management expenses ratio (2)22.41%29.14%36.34%35.49%40.00%
Net non-life combined ratio (3)77.52%67.46%83.13%86.34%105.85%
Net result25 16229 73429 51829 02626 023

(1) Net non-life loss ratio = Non-life incurred losses / Net non-life earned premiums
(2) Net non-life management expenses ratio = Non-life management expenses / Net non-life written premiums
(3) Net non-life combined ratio = Net non-life loss ratio + Net non-life management expenses ratio

Leadway Assurance Company : turnover breakdown per class of business

Figures in thousands USD

Classes of business20182019202020212022Shares
2022		2021-2022 evolution (1)
Fire8 3619 1469 60912 84115 3817.59%30.52%
Motor9 46710 42710 92812 68514 3787.10%23.52%
Marine4 5214 6685 4055 9628 0293.96%46.75%
Accident4 5284 7276 7237 5187 5683.74%9.69%
Agricultural risks-1 5763 6873 5355 1362.53%58.31%
Engineering3 6632 8371 5623 1502 4781.22%-14.29%
Bond1 9072 4481 0125934390.22%-19.28%
Special risks50 40660 19941 32642 26236 86918.20%-4.94%
Non-life total82 85396 02880 25288 54690 27844.56%11.10%
Annuities/pension141 833132 62939 77555 60759 85329.54%17.29%
Group insurance11 25414 88214 93017 91241 12420.30%150.18%
Individual insurance3 8644 6955 0798 29611 3425.60%48.96%
Life total156 951152 20659 78481 815112 31955.44%49.60%
Grand total239 804248 234140 036170 361202 597100%29.59%

(1) Growth rate in local currency

Leadway Assurance Company chiffre affaires

Leadway Assurance Company : net written premiums by non-life class of business

Figures in thousands USD

Classes of business201820192020202120222021-2022
evolution (1)
Fire4 3924 1455 8377 7628 65021.44%
Motor9 08710 00210 62512 19713 79423.24%
Marine3 2662 5453 0852 7824 49275.97%
Accident3 7883 7614 6554 9924 9488.00%
Agricultural risks-5007132711 392460.33%
Engineering2 4852 0525131 521390-72.06%
Bond5371 231687416267-29.95%
Special risks16 85324 13312 08213 84414 52214.30%
Non-life total40 40848 36938 19743 78548 45520.59%

Leadway Assurance Company : net earned premiums by non-life class of business

Figures in thousands USD

Classes of business201820192020202120222021-2022
evolution (1)
Fire4 9783 6795 2496 1688 22745.35%
Motor9 1899 45011 30410 93412 34823.06%
Marine2 8852 6352 0702 3643 45559.27%
Accident3 4153 3754 4384 2525 09730.63%
Agricultural risks-1 0771153103 110993.97%
Engineering2 4772 45170950285084.30%
Bond5561 165734327251-16.36%
Special risks18 24021 56015 28113 16714 16617.24%
Non-life total41 74045 39239 90038 02447 50436.14%

(1) Growth rate in local currency

Leadway Assurance Company : net incurred losses by non-life class of business

Figures in thousands USD

Classes of business201820192020202120222021-2022
evolution (1)
Fire4 1554 2556 3204 8114 365-1.13%
Motor5 4696 3785 4386 6017 39522.07%
Marine8912 9172 8591 7073 632131.85%
Accident9171 3031 1361 0361 919101.77%
Agricultural risks-4032271641 245729.03%
Engineering194243966-225930551.37%
Bond7271 280-601-216-199-0.32%
Special risks10 6496162 3265 45711 996139.57%
Non-life total23 00217 39518 67119 33531 28376.31%

Leadway Assurance Company : management expenses by non-life class of business

Figures in thousands USD

Classes of business201820192020202120222021-2022
evolution (1)
Fire1 9712 3102 4473 0834 35553.94%
Motor1 6021 9922 3812 3883 04939.18%
Marine8741 0671 3941 4892 44779.09%
Accident1 0221 1571 7371 7152 04630.02%
Agricultural risks-2975186001 124103.88%
Engineering76474148365379432.52%
Bond1151881339911930.52%
Special risks2 7086 3454 7875 5125 4487.69%
Non-life total9 05614 09713 88015 53919 38235.92%

(1) Growth rate in local currency

Leadway Assurance Company : net loss ratio by non-life class of business

Classes of business20182019202020212022
Fire83.47%115.64%120.40%78.00%53.06%
Motor59.51%67.49%48.11%60.37%59.89%
Marine30.88%110.68%138.08%72.22%105.13%
Accident26.85%38.59%25.59%24.37%37.65%
Agricultural risks-37.38%198.09%52.81%40.02%
Engineering7.85%9.92%136.21%-44.68%109.43%
Bond130.77%109.95%-81.81%-66.19%-79.39%
Special risks58.38%2.86%15.22%41.44%84.68%
Non-life total55.11%38.32%46.79%50.85%65.85%

Leadway Assurance Company : net management expenses ratio by non-life class of business

Classes of business20182019202020212022
Fire44.88%55.73%41.92%39.72%50.35%
Motor17.64%19.92%22.41%19.58%22.11%
Marine26.75%41.90%45.18%53.53%54.48%
Accident26.98%30.75%37.31%34.35%41.35%
Agricultural risks-59.41%72.67%221.84%80.72%
Engineering30.75%36.11%94.09%42.89%203.43%
Bond21.47%15.30%19.44%23.86%44.46%
Special risks16.07%26.29%39.62%39.82%37.51%
Non-life total22.41%29.14%36.34%35.49%40.00%

Leadway Assurance Company : net combined ratio by non-life class of business

Classes of business20182019202020212022
Fire128.35%171.37%162.32%117.72%103.41%
Motor77.15%87.41%70.52%79.95%82.00%
Marine57.63%152.58%183.26%125.75%159.61%
Accident53.83%69.34%62.90%58.72%79.00%
Agricultural risks-96.79%270.76%274.65%120.74%
Engineering38.60%46.03%230.30%-1.79%312.86%
Bond152.24%125.25%-62.37%-42.33%-34.93%
Special risks74.45%29.15%54.84%81.26%122.19%
Non-life total77.52%67.46%83.13%86.34%105.85%

Source: Leadway Assurance Company's annual reports
Exchange rate as at 31/12/2022: 1 NGN = 0.00223 USD ; at 31/12/2021: 1 NGN = 0.00243 USD ; at 31/12/2020: 1 NGN = 0.00261 USD ; at 31/12/2019: 1 NGN = 0.00274 USD ; at 31/12/2018: 1 NGN = 0.00274 USD

Leadway Assurance Company

Leadway Assurance Company : Contact

Head office
121/123 Funso Williams Avenue. Iponri Surulere. Marina Lagos Nigeria
Phone
01-2700 700
E-mail
insure [at] leadway [dot] com
Website
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Fri, 11/08/2023 - 14:10
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