Underwriting firm, Linkage Assurance Plc has assured its shareholders of stronger performance and increased returns on investment despite challenges in the environment.
Linkage Assurance gave the assurance at its 29th Annual General Meeting held in Lagos, where the shareholders spoke glowingly on the successful efforts of the board and management to position the company for increased growth.
Joshua Fumudoh, chairman of the Company speaking at the AGM said the year 2022 no doubt was one of the most challenging years in the history of modern times, characterised by devastating economic and geopolitical uncertainties.
Fumudoh said notwithstanding these, Linkage Assurance Plc was able to grow the gross premium written by 16 percent 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 percent when compared to the loss of N2.58b 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.
Sunny Nwosu, chairman emeritus, the Independent Shareholders Association of Nigeria 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 that the company is now in a better position to pay good dividends.
Bisi Bakare, president, the Pragmatic Shareholders Association who also applauded the performance of the company said shareholders will look forward to good dividends in the current financial year.
Daniel Braie, managing director of Linkage Assurance Plc commenting on the performance of the company said the underwriting firm has continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.
He said the company 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 organization, 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.”
Braie said the company has identified strategic focus, which will guide it as compass in her 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.
Total assets at the end of the 2022 financial year stood at N39.99 billion, indicating a 3 percent increase from N38.71 billion the previous year.