Linkage Assurance Plc, a leading general insurance company with focus on service excellence has continued to exceed customer expectations by delivering world class insurance solutions.
With vision to be the insurer of choice, using best-in-class technology, competent and engaged work force to deliver superior services and returns to our customers and shareholders, Linkage is undoubtedly one of the leading insurers in Nigeria.
Its strong capacity to underwrite big ticket risks in oil and gas, energy, power sectors among others places it in strong position as one of the most capitalized firms in its area of specialization.
With penchant for prompt settlement of claims and service excellence, Linkage is broker friendly company, underscoring why its patronage has continued to gain momentum despite the harsh economic environment.
Daniel Braie, managing director/CEO of the company at a recent interactive session with insurance brokers in the country stressed its continued commitment to prompt claims obligation, assuring that the company is financially strong and able to deliver qualitative insurance services that meet the expectation of customers.
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Braie said Linkage Assurance has strengthened its internal structures to deliver quality and efficient services.
“We have strengthened our internal structures to ensure that claims are handled with speed, because we realise that this is the main reason we are in business, and we will ensure it is sustained”
According to Braie, the human capital structure of the company has also been beefed up with the recent appointment of the Executive Director, Technical, among others who are already adding value to the operations and systems, for the benefit of its esteemed customers, he said.
The underwriter believes that with increased investment in technological infrastructure and as well as quality manpower, which the company has been attracting the future is bright for the company.
“We have been able to attract quality staff, better infrastructures to enable us deliver quality service in the coming years, and we are hopeful that we will do better in our performance indices.
“We have also increased our capacity to do more volume businesses as evidenced by the increase in our reinsurance treaty across all classes of insurance”.
Linkage Assurance in its FY’2020 result impressed the market, recording gross written premium N8.3 billion, an increase of 28 percent YOY from N6.5 billion in 2019, while total assets also rose by 18 percent YOY in 2020 to N33.9 billion, compared to N28.7 billion in 2019.
The company also witnessed significant improvement in other indices, with underwriting profit growing by 102 percent, from N0.4 billion in 2019 to N0.8 billion at the end of 2020,and this according to the company was as result improvement in core business activities on the backdrop of healthy business underwriting decisions, reinsurance optimization and efficient claims management process.
Notwithstanding the irrepressible impact of COVID-19 pandemic on economic landscape, the Company remained resilient, recoding a profit before tax of N2.5 billion, compared to N1.3 billion in 2019 representing 89 percent YOY growth, while profit after tax was N2.4 billion, increasing by 65 percent from N1.5 billion in 2019.
From this profit and committed to delighting its shareholders, Linkage Assurance will be proposing for approval at her Annual General Meeting (AGM) a bonus share issue amounting to N2 billion (of 4 billion ordinary shares at 50k per share) and a cash dividend of N0.05 per share (amounting to N500 million), to existing shareholders.
In his remark, the MD/CEO, Daniel Braie, said the Company’s outstanding performance was hinged, amongst others, on activation of a robust Business Continuity Management (BCM) Plan during COVID-19 lockdown which stimulated continued customers’ interaction, retention, engagement, and satisfaction.
He also emphasized that, as a leading player in the Nigerian Insurance Industry, the Company is well positioned to provide sustainable insurance solutions to the varying needs of the market through its strong capital base, innovative products, and digital platforms.
“Our Strategy is to consistently grow our revenue and deliver strong returns and excellent customer experience, while leveraging on technology, strategic alliances, and capabilities to provide world-class insurance & risk management solutions.
“Our guiding principles are our core values and vision. They underpin our desires, ambitions and aspirations aimed at reinforcing the trust of our stakeholders.”
To ensure also that the company meets the needs of its customers, Linkage has developed array of retail products targeted at deepening penetration and increase revenue. These include the Linkage Third Party Plus, which is a budget friendly motor insurance product that provides not only the compulsory Third party protection but an additional Own damage protection to the tune of N250, 000, and is only available in the company”.
The premium for the policy is N10, 000.00 per annum, just an additional N5, 000.00 to the third party cover. It covers all the benefits under the compulsory third party insurance such as third party property damage, bodily injury and death liabilities, plus the additional benefit of own damage protection. Third Party Motor Cover is a compulsory insurance policy under the 2003 Insurance Act for all vehicles plying the Nigerian roads against third party damage or loss. Premium is N5, 000.00 for cars and N7, 000.00 for commercial vehicles. “This is an invaluable, budget friendly product for all Nigerians particularly in this period of when money is hard to come-by, the company said.
According to the management, the product has been developed with Nigerians in mind, having realized that many may not have the fund to take comprehensive insurance for their vehicles at this time.
Other products offered by the Company to increase retail penetration are the Linkage SME Comprehensive, Citadel Shield (which provides compensation as a result of injuries from accident for pupils and students in recognized academic establishments); Linkage Events Xclusive Insurance, Linkage Shop Insurance, Purple Motor Plan (comprehensive motor cover exclusively for women), and the Linkage Estate Insurance.
According to the company, Linkage Assurance Plc is repositioning itself to tap into the retail space by designing appropriate and competitive new insurance products that will meet the needs of its customers.
The company has also deployed its online portal to make its products and services available to customers especially the digital savvy customers and enterprises.
“We have developed our IT infrastructure in to put the company in competitive position in line with our peers. To improve our operational efficiency, we have deployed the Virtual Private Network ( VPN) to all our branches nationwide to ensure seamless operational link and/ or fully integrated with Head office.”
Linkage Assurance Plc was incorporated on 26th March, 1991 and was licensed to cover and transact non-life insurance businesses on 7th October, 1993.
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