It was commendation all through for the Board and Management of Linkage Assurance Plc when shareholders of the company who had waited for so long for a dividend got five (5) kobo per share pay out, at its 24th Annual General Meeting held in Lagos yesterday.
The shareholders who spoke glowingly on the achievements of the underwriting company in 2017 financial year called on the management and board to ensure sustenance of the growth.
“We urge you to reinforce your marketing team and distribution channels so that there will be more growth in premium and profitability for the company in the coming years”.
Joshua Bernard Fumudoh, Chairman, Linkage Assurance Plc who announced the result said the company in 2017 recorded a gross premium written of N4.10 billion as against N4.03 billion in 2016, while the gross premium income was 6 percent up to N4.186 billion in the review year as against N3.96 billion the past year.
Linkage Assurance Profit Before Tax rose by 218 percent from N942.68 million to N2.996 billion in 2017, while the Profit After Tax also appreciated significantly by 431 percent to close at N2.891 billion in 2017. This is as total assets appreciated 15 percent to N23.3 billion in 2017, from N20.33 billion in the previous year.
Fumudoh also said the company paid out a total of N1.038 billion in claims in 2017 as against N613.2 million in 2016, underscoring its commitment to her policyholders.
He noted that the company was determined to take advantage of developments in the economy by developing strategic initiatives such as deployment of online portal for selling of motor insurance, as well as repositioning its bouquet of retail products like the Third Party Plus (a budget friendly motor insurance plan) to ensure sustainable growth for the company in 2018 and beyond.
“Continuous growth in customer satisfaction, productive sales in the market and impeccable underwriting and risk management practices will set us up for achievable greatness in 2018, the chairman said.
“We are focused on sustaining and surpassing the gains of 2017 and enhancing reputation and performance. We will further develop our strategy to deliver value to all our stakeholders within a governance framework of prudence and effective oversight as a board.”
Daniel Braie, Acting Managing Director of the company going into the future, the company will continue to refine its strategy in line with the political, economic, sociological and technological changes in the industry.
“Also we will continue to develop innovative products, alternative channels of distribution and strategic initiatives that will enable us achieve our corporate goals and objectives. With a medium-to-long term perspective, we believe that we will benefit from growth in these initiatives”, Braie said.