Linkage Assurance grows total assets 3% to N40bn
By Cynthia Ezekwe
Linkage Assurance Plc, an insurance service provider recorded N39.99 billion total assets at the end of its 2022 financial year, representing a 3 per cent increase from N38.71 billion the previous year.
Joshua Fumudoh, the chairman, Linkage Assurance Plc, disclosed this while addressing shareholders at its 29th Annual General Meeting (AGM) held recently in Lagos, noting that the underwriting firm recorded an impressive result in its bottom-line for the 2022 financial year.
According to Fumudoh, 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 noted that the company generated an underwriting profit of N506 million, a growth of 120 per cent, compared to the loss of N2.58 billion in 2021.
The insurance company also strengthened its bottom-line with Profit Before Tax (PBT) of N2.7 billion, and Profit After Tax (PAT) of N2.57 billion.
With full maximization of its investment returns, Linkage Assurance saw income from investment boosting bottom-line stronger after a successful underwriting year.
Commenting on the performance, Daniel Braie, managing director/CEO, Linkage Assurance Plc, noted that the underwriting firm has continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.
He added 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.
“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 added.
Braie stressed that 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.
On his part, Bisi Bakare, president, Pragmatic Shareholders Association, Bisi Bakare, commended the performance of the company, adding that shareholders look forward to a good dividend in the current financial year.