Leadway Assurance Company is a Nigerian insurance company launched in 1970. With its headquarters in Lagos, Nigeria, Leadway constitutes the biggest insurance companies in Nigeria. Under the able leadership of its CEO and Managing Director, Oye Hassan Odukale, Leadway has grown into a blossoming insurance corporation concerned with varying insurance services including life insurance, travel insurance, casualty insurance, and commercial and personal property insurance.
The establishment of Leadway Assurance Company dates back to 1970 through the effort of Sir Hassan O. Odukale. Although established in 1970, Leadway did not swing into operation until 1971 when it began operating as a direct motor insurance company.
As business activities proved to yield continual success, Leadway diversified into other segments of general business and eventually, it turned into a multi-segmented enterprise underwriting general and life insurance.
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Over the course of business operation, Leadway’s financial capacity witnessed significant growth, hence making Leadway an insurance outfit with the capacity to underwrite high-profile risks pertaining to large manufacturing companies, Oil and Gas firms and certain other robust concerns. In addition to its major insurance services, Leadway renders various ancillary services including Miscellaneous financial losses, Fund/Portfolio management, Secured Credit, and Bond.
Why Is Leadway Nigeria’s Largest Insurer?
According to a publication by Business Day and titled “Why Leadway Assurance remains largest insurer in Nigeria”, Leadway has remained operative with sustainable giant strides in spite of the numerous problems facing the insurance industry. Notably, Leadway maintained its financial resilience in 2019 even as varying challenges were taking a toll on the insurance industry. Also, investors have been marveled at how Leadway was able to maintain improved underwriting income and consistent growth in earnings at the time other players in the Nigerian insurance industry were raking in low premium income.
As contained in that same publication, Leadway witnessed a percentage rise in net income despite the macroeconomic drawbacks Nigeria experienced in 2019. Notably, Leadway’s net income rose from #7.26 billion (in 2018) to #9.19 billion (in 2019), giving a significant indication of 26.53% rise.
Leadway is said to have earmarked such a significant profit increase as a result of remarkable asset allocation and robust investment returns. Besides its strong footing, robust increment in net income and excellent financial resilience, Leadway has been touted as Nigeria’s “most profitable and efficient” insurance company particularly for its maximization of shareholders’ wealth and for its efficient control of costs.
A Brief Profile of Leadway Assurance Company
|Company name||Leadway Assurance Company or Leadway|
|Founder||Sir Hassan O. Odukale|
|Relevant industry||Insurance & Financial Services|
|Year of establishment||1970|
|Company headquarters||Lagos, Nigeria|
|Products||Insurance, Property Casualty: Commercial & Consumer, Life & Retirement|
|Company subsidiaries||Leadway Property & Investments, Leadway Capital & Trusts, Leadway Pensure, Leadway Hotel.|
|Notable individuals||1. Oye Hassan-Odukale, CEO and Managing Director|
2. David Onilado, CFO
3. Tunde Hassan-Odukale, Executive Director
|Company’s total assets||#137.3 billion (2015)|
|Company’s net income||#6.2 billion (2015)|
Leadway has come a long way as the most dominant player in Nigeria’s insurance industry. Besides being a long-existing insurance outfit with a reliable track record, Leadway has struck a landmark achievement, making it Nigeria’s largest insurer.* ADS**
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