Linkage Assurance announces total assets as N40bn
Linkage Assurance Plc had announced its total assets to hit N39.99 billion as at the end of its 2022 financial year, representing a three per cent increase from N38.71 billion the previous year.
Addressing shareholders at its 29th Annual General Meeting (AGM) held in Lagos, the Chairman, Linkage Assurance Plc, Chief Joshua Fumudoh, said the underwriting firm recorded an impressive result in its bottom-line for the 2022 financial year.
He said, despite the challenging business environment, Linkage Assurance Plc was able to grow the gross premium written by 16 per cent to N12.9 billion against N11.2 billion in 2021.
He said, the company was able to effectively manage its risks during the review year, posting underwriting profit of N506 million, a growth of 120 per cent when compared to the loss of N2.58 billion in 2021.
Linkage Assurance also strengthened its bottom-line with Profit Before Tax (PBT) of N2.7 billion, and Profit After Tax of N2.57 billion.
The Chairman, Independent Shareholders Association of Nigeria (ISAN), Emeritus Sir Sunny Nwosu, while speaking at the meeting, commended the board and management for clearing the negative earnings brought by EndSARS claims which resulted in the loss position in 2021, saying, the company is now in better position to pay good dividends.
Similarly, President, Pragmatic Shareholders Association, Bisi Bakare, who also applauded the performance of the company said, shareholders will look forward to good dividend in the current financial year.
Earlier, the Managing Director/CEO, Linkage Assurance Plc, Mr. Daniel Braie, commenting on performance, said the underwriting firm has continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.
He noted that the firm is focused on maximising its potential in key segments of the market where it plays strongly and would continue to ensure it creates value for its teaming shareholders.
He pointed out, that “As an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme. Our theme for 2023 is ‘Consolidation’ and this informs our strategic intent along the four pillars of Business growth, Operational Excellence, Financial Excellence, and Customer and People.”
He said the company has identified strategic focus, which will guide it as compass in the firm’s quest to navigate through the highly competitive insurance market to increase market share in the most profitable sectors and offer excellent customer experience to all its clients.
“With full maximisation of its investment returns, Linkage Assurance saw income from investment boosting bottom-line stronger after a successful underwriting year,” he concluded.
