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This policy seeks to streamline stakeholder communications and describes the standards by which Leadway Assurance engages and communicates with its various stakeholders (media, investors, regulators, host communities, staff and general public).

The Board of Directors and management of Leadway Assurance Company Limited (Leadway) holds the firm belief that regular and constructive engagement with the Company’s shareholders will foster good corporate governance and transparency.

The Board of Directors has fiduciary responsibility for making policies and oversight of Management in the running of the affairs of Leadway Assurance Company Limited (Leadway) on behalf of shareholders.

Corporate Governance is a key driver of corporate accountability and business prosperity.

***Restricted for confidentiality purpose and password shall be provided upon written request to

Report of External Consultants on the Board Performance Evaluation of Leadway Assurance Limited.

Report of External Consultants on the Board Performance Evaluation of Leadway Assurance Limited.

Report of External Consultants on the Board Performance Evaluation of Leadway Assurance Limited.

Despite the challenging operating environment characterised by significant headwinds, the Company through strict budget discipline, frugality and renewed focus on innovation, capitalised on the scarce opportunities available in the industry towards maintaining a laudable financial performance and driving long-term value for its shareholders.

Despite the challenging operating environment, the initiatives and strategies of the company yielded significant results which was reflective of the commitment and resilience of all stakeholders to exceed the status quo.

Claims expenses increased from N38.5billion in 2019 to N43.5billion in 2020 with Annuity payout of N30.4billion accounting for the largest proportion of this amount.

In the year 2019, claims payout for the year amounted to N38.5 billion representing a 13.5% increase from the 2018 figures, while the company's total assets grew to N394 billion representing a 26.2% increase from the 2018 figures.

The directors have pleasure in presenting their annual report on the affairs of Leadway Assurance Company Limited (“the Company”) and subsidiary companies (“the Group”) together with the audited financial statements and the auditor’s report for the year ended 31 December 2018

Investment income for the year amounted to N17.2 billion, while prior year stood at N10.7 billion which translates to an increase of 61% when compared with prior year. Investment Income from bonds continues to play an important part in our income strategy

The operating environment in the year 2016 was significantly impacted by the recessionary state of the economy which was itself caused by decline in government revenue, shortage of inflow of major foreign currencies into the economy, rise in interest rates, inflation etc. Notwithstanding the depressed economic environment, investment income increased by 27% from NGN9.9billion in 2015 to NGN12.9billion in 2016. In addition, the company recorded significant income from foreign exchange gains following the devaluation of the Naira.

The year 2015 was greatly impacted by the continued activities of terrorism in some parts of the country and the political tension in the run-up to the election coupled with the anxiety of a likely post-election crisis. The uncertainty of the political and economic policies following the general elections created a lull in the economic activities of the country. Despite the effect of low oil price on the fiscal programme of the federal and state governments, monetary policies, scarcity of inputs such as forex, fuel, electricity, imported raw materials for industries, the data released by the National Bureau of Statistics shows that the rate of Gross Domestic Product (GDP) grew by 2.79% compared to the 6.22% in 2014.

The year 2014 witnessed deepening activities of terrorism across the Northern parts of our country and this hampered economic activities in all sectors. This, coupled with the global decline of oil price which fell below $50 a level not seen in the past 6 years, led to the depreciation of the Naira and dwindling of our foreign reserves. Despite these challenges, when measured by the Real Gross Domestic Product (GDP), the economy grew by 5.94% in 2014, which is lower by 0.83% than the rates recorded in 2013.

In today’s world of can-do insurance services, there are infinite possibilities. A new beginning is possible for our customers. A new value is possible for our stakeholders. A new future is possible for all. That is the promise of our 2013 Annual Report. The promise to keep pushing limits to ensure that we remain the company of today and tomorrow.

THRIVING IN CHANGING TIME Change is the only thing constant in life. At Leadway, we embrace this ideal knowing that overall we become refined and better for it. Our 2012 Report is accordingly a touchstone for upholding the dynamics of this change, showing that through thick and thin, we thrive. We are your partners…through life, through times

The year 2011 witnessed the successful conduct of the 2011 general elections which created renewed confidence in Nigeria’s political process despite its chequered democratic credentials. Despite this, the year remained challenging with escalated violence and increased internal security issues, particularly within various locations across the Northern Region of Nigeria. In spite of the heated political environment, Standard and Poor’s reviewed the nation’s BB+ long term credit ratings from stable to positive while Fitch reviewed its BB- rating from negative to stable." Excerpts from Chairman's statement

"The year 2010 was one of recovery of the financial markets, credits squeeze in the economy and bank debt crises, which led the Federal Government to establish the Assest Management Corporation of Nigeria"in order to stimulate the recovery of Nigeria's financial system... In line with the projection for overall 2010 growth of 7.85%, real Gross domestic product(GDP) grew by 7.86% driven by the non-oil sector, especially agriculture with support from services, and general commerce." Excerpt from the Chairman's statement

"The year 2009 sees improvements in the financial sector, with a healthier stock market performance. As such, your Company should witness an upturn in its book losses, whilst taking full advantage of new opportunities to continue to sustain its position as an insurer of choice". Excerpt from the Chairman's statement

"2008 ended as a melting year. It was a year that started bouyantly, with a halo of confidence for the fundamentals of the Nigerian financial market, which subsequently dropped away under the weight of the global financial crisis, heralded..." Excerpt from the Chairman's statement

"The year 2007 witnessed the conclusion of the insurance industry consolidation exercise which culminated in the reduction of the number of insurance companies from 103 to 49 at the end of the consolidation exercise. On the heels of consolidation, the insurance industry enjoyed renewed vigour with market capitalisation being put at an estimate of N241.5 billion. Insurers gained from investor's confidence in the growth potential of the industry as a whole within the context of an emerging economy..." Excerpt from Chairman's Statement.

"Against the background of the operating environment, the Company witnessed significant growth in performance as perceived "safe" insurer. The Company enjoyed a 26% increase in its Gross Premium income from N4.5b in 2005 to N5.7b in 2006, but with a significant jump in claims incurred by an overwhelming 88% from N938.5m in 2005 to N1.8b in 2006.." Excerpt from the Chairman's Statement.

"The 2005 operating environment continued with the wave of capital increases for banks and other financial services providers, particularly insurance companies. The new capital base for insurance companies, which was greeted with initial apprehension, has now been accepted as a way of contributing to long term sustainable economic growth…” Excerpt from Chairman's Statement

Against the background of the operating environment, the Company achieved a 30% growth in Gross Premium Income from N2.9b in 2003 to N3.8b in 2004. This was largely contributed from assured savings under Life Business’ deposit administration plans, which recorded a significant growth of 92%, as opposed to a modest growth of 20% under general business. The year was also remarkable in terms of claims incurred, which went down marginally by 11% from N995.6m..." Excerpt from Chairman's statement