Leadway Pensure PFA: 2023 Audited Accounts Summary

Leadway Pensure PFA has published its 2023 summary audited accounts, providing a short, but insightful overview of the company’s financial health and pension funds’ performance. This report provides a summary review and presents key financial highlights, financial ratios, managed funds’ performance, and the trend in the number of Retirement Savings Account (RSA) holders.

Financial Highlights

• Total Revenue: Total revenue for the company rose 27% to ₦10.05 billion in 2023, up from ₦7.93 billion in 2022. This increase is attributed majorly to higher fee income generated from the pension funds it has under management, which rose 24% - ₦1.68 billion, from ₦8.78 billion to ₦7.10 billion. Income from investing shareholder capital rose by ₦395 million to ₦1.22 billion from ₦825 million.
• Profit After Tax (PAT): PAT rose 23% to ₦2.50 billion, up ₦474 million on the previous year’s ₦2.03 billion.
• Operating Expenses: Operating expenses rose faster than both revenue and PAT, up by 28% to ₦6.48 billion from ₦5.07 billion. This increase of ₦1.41 billion led to a slight increase in the company’s cost-to-income ratio, which rose to 64.52% from 64.01% indicating a slight win for inflationary pressures which was up ticking most of 2023.
• Shareholder’s Funds: The company’s shareholders ended the year at ₦9.96 billion in 2023 up 15% from ₦8.68 billion in 2022.
• Return on Equity (ROE): The ROE was reported at 25.14%. Whilst this demonstrates efficient use of shareholders’ equity to generate profits, it is lower than inflation which closed 2023 at 28.92%.

Financial and Fund Highlights

Corporate Audited Annual Results

Financial Ratios