GCR affirms Leadway Assurance’s ‘AA+(NG)’ financial strength

A leading African rating agency, Global Credit Ratings (GCR), has reaffirmed Leadway Assurance Company Limited’s financial position with its National Scale Financial Strength Rating of AA+(NG).

It states: “The affirmation of Leadway Assurance’s rating is supported by its extensive brand recognition, long-standing presence in the insurance sector, and consistent operational excellence. The insurer’s prudent capital management strategies have enabled it to maintain robust solvency levels and an industry-leading asset base.”

GCR also affirmed that the rating for Leadway Assurance was conducted with independence and integrity. The rating firm said: “No aspect of the rating was influenced by any business activities external to the evaluation. Our assessment was based entirely on the financial merits and risk profile of Leadway Assurance, conducted through virtual interactions and correspondence with the rated entity.”

In a statement, the Head, Corporate Services, Leadway Holdings, Aishat Bello-Garuba, quoted the Managing Director/Chief Executive Officer, Leadway Assurance, Gboyega Lesi, as saying: “This rating validates our strategic drive to bolster financial and operational resilience. At Leadway, we remain determined to promptly fulfill our obligations to clients, regardless of the scale. The AA+ rating not only reflects our strong financial foundation but it also reinforces our stakeholders’ trust in us.

“Following GCR’s initial rating of Leadway with an ‘A(NG)’ in claims-paying ability in 2001, we have consistently demonstrated our dedication to financial excellence.” In the last eight years alone, Leadway has paid over N338 billion in claims, further cementing our position as a reliable and trusted insurance provider in Nigeria. Over the years, we have also focused on leveraging digital transformation, innovative solutions, and sound corporate governance to deliver value-driven services. This reaffirmation by GCR underscores our resilience and dedication to continually fulfilling these obligations to our policyholders and stakeholders.’’

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