Leadway Assurance’s ₦137bn claims payout highlights strength behind third BAFI win
L–R: Chief Executive Officer, Creato Urban Limited, Odion Aleobua; Team Lead, Brand & Communications, Leadway PFA, Tomisin Adeleye; Publisher, BusinessDay Limited, Frank Aigbogun; and Brand Manager, Leadway Group, Niyi Abiola, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, where Leadway Assurance clinched the Insurance Company of the Year award on Friday, 9 October 2026.
Leadway Assurance’s latest recognition as Insurance Company of the Year at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards has brought its financial performance and claims settlement record into focus, following a third consecutive victory in the category.
The insurer clinched the award at the 14th edition of the BAFI Awards, held at the Civic Centre in Lagos, extending its winning streak after similar honours in 2024 and 2025.
Beyond the industry recognition, the company’s 2025 financial results point to growth in insurance revenue, expansion in total assets and an increase in claims paid, highlighting the scale of its operations and its role in providing financial protection to individuals and businesses.
Leadway Assurance’s insurance revenue rose by 30 per cent, from ₦173.2 billion in 2024 to ₦225.3 billion in 2025. Its total assets also increased from ₦1.024 trillion to ₦1.155 trillion within the period.
Claims paid climbed by 17 per cent, rising from ₦117 billion in 2024 to ₦137 billion in 2025. The increase highlights the financial obligations the insurer met as policyholders sought support in managing covered losses.
Speaking on the recognition, Gboyega Lesi, Managing Director and Chief Executive Officer of Leadway Assurance, said the consecutive wins reflected the confidence customers had placed in the company.
“Being named Insurance Company of the Year for the third consecutive year is a strong affirmation of the confidence our customers place in us. That confidence is built on consistency, accountability, and our ability to deliver when it matters most. The ₦137 billion in claims paid in 2025 reflects this responsibility in tangible terms and reinforces our commitment to helping individuals and businesses navigate uncertainty with greater financial security,” Lesi said
He added that the company was looking beyond conventional insurance offerings to address customers’ broader financial wellbeing needs.
“Our responsibility, however, extends beyond insurance. Financial wellbeing requires an integrated approach to protection, wealth creation, security, wellbeing and legacy planning. Through Leadway ecosystem, we are strengthening the connections across these needs to deliver more comprehensive solutions for individuals, families and businesses. This award is both an endorsement of the work we have done and a responsibility to keep raising the bar for service, value and trust across the industry,” he said.
The company has also pursued product development as part of its response to changing consumer needs and emerging opportunities in the Nigerian market.
In August 2026, Leadway Assurance introduced the Leadway Lifetime Plan, a whole-of-life insurance solution designed to extend financial protection to policyholders’ wider families while providing access to financial value during their lifetime.
The following month, it launched the Arrival Pack, an insurance solution for short-term visitors to Nigeria and the businesses serving them. The product was introduced ahead of the Detty December travel season, when the country typically experiences increased visitor activity.
The two launches illustrate the insurer’s efforts to develop offerings for different customer groups and life stages, while exploring opportunities beyond its traditional product portfolio.
For the wider insurance market, the company’s latest award comes at a time when insurers face the challenge of demonstrating the practical value of coverage to customers. Revenue growth and asset expansion indicate business scale, while claims settlement remains an important measure of how insurers fulfil their obligations to policyholders.
The BAFI Awards, organised by BusinessDay, recognise performance across Nigeria’s banking and broader financial services sector, celebrating institutions and industry leaders associated with innovation, resilience and growth.
For Leadway Assurance, the third consecutive award provides another industry endorsement, while its financial results and product launches offer a broader picture of the business priorities underpinning its position in the market.
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