Thursday, July 3, 2025
24 C
Lagos

Linkage Assurance Pays N2.7bn Claims, Focuses on Profitability

Linkage Assurance Plc says it will take advantage of opportunities in the economy and expected stability to grow its portfolio for increased shareholder value, while focusing on profitability, customer intimacy and operational efficiency.

Chief Joshua Fumudoh, Chairman of the company made the disclosure at its 25thAnnual General Meeting held in Lagos.

Fumudoh who reviewed the company’s performance during the meeting said the underwriter in the 2018 financial year achieved 31 percent growth in gross written premium to N5.391 billion from N4.102billion in 2017 despite the tough operating environment.

According to him, the company paid out a whopping N2.71 billion on claims in 2018, which were largely from oil and gas, aviation businesses, as against N1.04 billion the previous year.

He said that insurance companies are in business to pay claims, and being able to pay this huge amount clearly underscores the financial capability of the company to meet its obligations when they fall due.

Daniel Braie, Managing Director/CEO of the company said to enable the company achieve its set goals, management is driving strategic initiates, which include reinsurance optimisation; revenue growth, brand awareness, corporate excellence and strong financial solvency

Going into 2019, Braie said the focus of the company is profitability, and we would have this in mind from the point of acceptance of business from every market segment no matter the size and exposure.

“For this reason, we would ensure effective risk management and the essence of this is to ensure adequate risk management culture within our underwriting and claims processes, Braie said.

Braie told shareholders at the meeting that the company was already generating profit and making progress in its projection for the current year to meet shareholders expectation.

As at the end of first quarter 2019, Linkage Assurance Plc’s unaudited result shows 34 percent growth in profit before tax (PBT) to N627.52 million, as against N469.19 million in 2018, while the profit after tax during the same period stood at N439.26 million, from N375.36 million in 2018, indicating a 17 percent increase.

spot_img
spot_img
spot_img

Hot this week

Stanbic IBTC Bank Nigeria PMI: Output Growth Slows but Business Confidence Rises Sharply

The Nigerian private sector remained in growth territory as...

NIA: Insurance Week Designed to Boost Industry Awareness in Nigeria

Mr. Kunle Ahmed Chairman Nigerian Insurers Association (NIA) The Nigerian Insurers Association...

NAICOM Chief: The Future of Nigeria Depends on How We Manage Risks

Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for...

SEC Canvasses Advanced Financial Inclusion by 2030

The Securities and Exchange Commission (SEC) has stressed the...

NCDMB to Champion “Nigeria First” Policy in Oil and Gas Sector

The Nigerian Content Development and Monitoring Board (NCDMB) has...

Topics

COP 28: Kyari Makes Case for a Just Energy Transition for Africa

L-R: President/CEO, EQT Corporation, Toby Rice; GCEO NNPC Limited,...

Stanbic IBTC vis-à-vis Banking Industry Compliance, Corporate Governance Practices

At a recent function in Abuja, the Managing Director/CEO...

NEXIM Bank Partners Bauchi State on Non-oil Export

Mr. Bashir M. Wali, the Acting MD/CEO met with...

Niteo Partners Green Glass Africa for Bespoke Power Solutions

The quest to improve access to power and thus...

NGX Welcomes Haldane McCall to the Exchange

It is my great pleasure to welcome the Board...

IPEN Visits Guild of Marine Surveyors in Lagos

L-R: General Secretary, Guild of Marine Surveyors, Festus Nwiue;...

NSE Lifts Suspension on Universal Insurance

The Nigerian Stock Exchange (NSE) has lifted the suspension...

NCC: Regulatory Instruments Will Tackle Insecurity, Facilitate 5G

The Executive Vice Chairman (EVC) of the Nigerian Communication...
spot_img

Related Articles

Popular Categories

spot_imgspot_img