Saturday, May 31, 2025
  • Share your story
  • About
  • Contact
Economy FootPrint
  • Home
  • News & Politics
  • Opinion
  • Finance & Economy
  • Aviation
  • Editorial
  • Transport & Blue Economy
  • Features | Analysis
  • Health | Environment
Economy FootPrint
Home Finance | Insurance | Pension

GCR upgrades Leadway Assurance’s financial strength rating to “AA+”    

Aondohemba Agabi by Aondohemba Agabi
August 23, 2023
in Finance | Insurance | Pension, Industry | Trade | Commerce
Reading Time: 2 mins read
0
GCR upgrades Leadway Assurance’s financial strength rating to “AA+”    
Share on FacebookShare on Twitter

GCR upgrades Leadway Assurance’s financial strength rating to “AA+”    

GCR Ratings, one of Africa’s foremost rating agencies, has revised Leadway Assurance Company Limited’s financial stability rating to AA+(NG) from AA(NG) in their June 2023 Report.

Related posts

THE TAH DOCTRINE: A PRESIDENTIAL MANDATE FOR AFRICA’S NEXT CHAPTER

THE TAH DOCTRINE: A PRESIDENTIAL MANDATE FOR AFRICA’S NEXT CHAPTER

May 29, 2025
STAFF OF BIPC BREAD, WATER CELEBRATE ONE-YEAR ANNIVERSARY WITH GMD ASEMAKAHA

STAFF OF BIPC BREAD, WATER CELEBRATE ONE-YEAR ANNIVERSARY WITH GMD ASEMAKAHA

May 29, 2025

The upgraded rating reflects Leadway Assurance’s consistent and superior capacity to meet its financial commitments and obligations, affirming the robust creditworthiness of the insurer. The upgrade also indicates the insurers’ stable and consistently growing outlook.

This outlook is underpinned by the leading insurer’s Total premium collection of NGN 104.4 billion of which Gross Written Premium (GWP) growth rate at 31% was NGN92.5 billion ($218.6 million at NGN423.3/$) as of the financial year that ended December 31, 2022, largely driven by its expansion strategies in its general and life business segments.

In addition, Leadway’s capital base of NGN81.2 billion ($181 million at NGN448.6/$) as of December 31, 2022, supported a GCR Capital Adequacy Ratio (GCR CAR) of above 2x. Similarly, the insurer’s regulatory solvency margin ratio was strong at 7x (2021: 10x) in the same year.

According to the rating agency, “this growth translated to a market share of about 12% of the Nigerian insurance industry’s GWP. The Insurer’s GWP is concentrated in the annuity, group life, and special risks business lines, which contributed 29.5%, 20.3%, and 18.2% to GWP, respectively, in 2022, although concentration to the annuity business is higher at 42.2% of Net Written Premiums (NWP).”

Consequently, GCR projected Leadway’s continued leadership in the Nigerian insurance industry: “Over the next 12-18 months, we expect Leadway’s leadership position in the Nigerian insurance industry to be sustained, supported by its wide distribution network and expansion initiatives, especially in the retail segment.”

Commenting on the report, the Managing Director/Chief Executive Officer of Leadway Assurance, Tunde Hassan-Odukale, said, “We are delighted to receive the upgraded ‘AA+’ rating from Global Credit Rating (GCR), validating our company’s strong capitalization, prudent risk management practices, exceptional underwriting performance, and unwavering dedication to sustaining a robust financial foundation to consistently deliver outstanding value and excellent services to our policyholders and stakeholders.

“Over the last five decades, Leadway has demonstrated resilience and adaptability to navigate through dynamic market conditions while maintaining financial solidity and credibility in fulfilling its obligations to diverse policyholders. The “AA+” rating from GCR further reaffirms Leadway Assurance’s ability to weather uncertainties and maintain stability even in challenging economic environments.”

 

Previous Post

Transport Minister Promises to Revive Mass Transport Scheme, Sustain Rail Projects

Next Post

NEXIM Bank Pledges Support on Agro-produce Exports

Next Post
NEXIM Bank Pledges Support on Agro-produce Exports

NEXIM Bank Pledges Support on Agro-produce Exports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

UBA Swims Against the Tide, Now Most Profitable Bank in Nigeria

UBA Swims Against the Tide, Now Most Profitable Bank in Nigeria

2 years ago

Nigerian Defence Academy Cadets Make History at the Commando Training Centre Royal Marines United Kingdom

6 months ago

Photo News – Aviation Minister, Hadi Sirika visits Transportation Minister, Muazu Jaji Sambo.

3 years ago

Choral groups, gospel artists across Nigeria render songs at spectacular 2022 presidential concert

2 years ago

FOLLOW US

  • 86.2k Followers

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

BROWSE BY TOPICS

2023 Benue Budget Abuja-Kaduna Rail Access Corporation Access pension airports concession Aviation Ayu Benue Budget Benue Community Buhari Business CBN Central Bank Dana Air Economy FGPL Herdsmen Herdsmen attacks insecurity insurance Maritime Min of Transport MSMEs NAICOM NCAA Nigeria Nigeria -Cameroon Border Post Nigeria Air NRac Onne Port ooh Orrom Ortom PDP PenCom pension Railway Sambo Jaji Transcorp Transcorp Group Transcorp Hotels Plc UBA Ukohol Wike Wildon Ideva

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Economy Footprint

The EconomyFootprint is published by Ideas Tent Communications Ltd®. All Rights Reserved.

Follow us on social media:

Recent News

  • Terrorist Kingpin Abu Fatima Eliminated  In Borno
  • OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum
  • Northwest Is Safer Since Commencement of Operation Fansan Yamma

Category

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Recent News

Terrorist Kingpin Abu Fatima Eliminated  In Borno

May 31, 2025
OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

May 31, 2025
No Result
View All Result
  • Home
  • Politics
  • News
  • Sports
  • Opinion