Linkage Assurance gross written premium up 28% to N8.3 billion
Daniel Braie, MD/CEO
…to pay shareholders dividend, bonus
Linkage Assurance Plc has released its 2020 audited financial result, posting a gross premium written of N8.3 billion, an increase of 28 per cent year on year from N6.5 billion in 2019, while total assets also rose by 18 per cent year on year 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 per cent, from N0.4 billion in 2019 to N0.8 billion at the end of 2020, and this according to the company was as a result of 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 the COVID-19 pandemic on the economic landscape, the Company remained resilient, recording a profit before tax of N2.5 billion, compared to N1.3 billion in 2019 representing 89 per cent year on year growth, while profit after tax was N2.4 billion, increasing by 65 per cent from N1.5 billion recorded in 2019.
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 from the profit.
In his remark, as contained in a statement by the firm’s management Tuesday, made available for this medium, the Managing Director/Chief Executive Officer, 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.”
“We will continue to refine our strategy in line with the political, economic, sociological, and technological changes in the industry particularly the impact of Coronavirus (COVID-19) pandemic on the business landscape. We will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us to achieve our corporate goals and objectives. With a medium-to-long term perspective, we believe that the Company will have improved growth from these initiatives.”
“As a socially responsible organization, we embarked on Corporate Social Responsibilities with a view to supporting our community and enhancing stakeholders’ engagement.
“In line with our corporate ambition, we will continue to leverage on technology, committed workforce and strong capital base to increase market share, enhance corporate visibility, and achieve operational excellence towards a more viable and successful Company,” Mr. Braie added.
