L-R: Mr Pius Otia, Non-Executive Director; Mr Moses Omorogbe, Company Secretary; Mrs Funkazi Koroye-Crooks, Non-Executive Director; Chief Joshua Bernard Fumudoh, Chairman; Mr Daniel Braie, Managing Director/CEO; and Okanlawon Adelagun, Executive Director, all of Linkage Assurance Plc at its 30th Annual General Meeting held in Lagos.
Shareholders of Linkage Assurance Plc have applauded the Board and Management of the company for the outstanding performance in the 2023 financial year, which resulted in bountiful returns on investment.
The Company’s shareholders who expressed their excitement over a 5-kobo dividend and bonus issue of one for 10 declared at the Insurer’s 30th Annual General Meeting held in Lagos appreciated the result given the challenges in the operating environment.
Chief Joshua B. Fumudoh, chairman of the board speaking at the AGM said despite the challenging operating environment, Linkage Assurance Plc achieved commendable result, and will continue to pay dividend as the company continues in its current trajectory.
Fumudoh said Linkage Assurance financial performance remained robust, with strong revenue growth, improved underwriting discipline, and prudent investment management, which are contributing to enhanced profitability.
Boniface Okezie, Nona Awoh, Williams Adebayo, Adetutu Siyanbola, Timothy Adesiyan and others who applauded the performance called on the board to design strategies to sustain the growth, expand investment for more income as well as build capacity ahead of possible recapitalisation in the insurance industry.
Fumudoh giving the performance breakdown said the company was able to grow the insurance revenue to N14.8billion in 2023 from N12.5 billion in 2022, representing a growth rate of 19 percent.
This is as investment and other incomes rose by 80 percent to N9.07 billion, as against N5.04 billion in 2022.
The underwriting firm during the year under review achieved a Profit Before Tax of N5.46 billion from N1.87 billion in the previous year, an increase of 191 percent, while Profit After Tax was N5.28 billion, as against N1.75 billion in 2022, an increase of 203 percent.
Total assets of the company rose to N52.86 billion from N38.79 billion in 2022, a 36 percent increase.
Daniel Braie, Managing Director/CEO of the Linkage Assurance Plc in his remark at the AGM said the company’s commitment to excellence and innovation remains steadfast.
“We are optimistic about the opportunities ahead and prepared to navigate any challenges that arise. Our strategic focus centres on driving growth, sustaining profitability, and delivering value to our stakeholders.”
Driving growth in 2024, Braie said strategies will include product innovation, market penetration, customer engagement as well as operational efficiency
“By continuously innovating and developing new insurance products tailored to our customers’ evolving needs, we aim to stay ahead of market trends and strengthen our market leadership.”
