Linkage Assurance Reports N34bn Total Assets, N8.3bn Premium in 2020

Mr. Daniel Braie

Managing Director/CEO

Linkage Assurance Plc

Linkage Assurance Plc has released its 2020 audited financial result, posting a Gross Premium Written of 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 optimisation 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 emphasised 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 organisation, we embarked on Corporate Social Responsibilities with a view to supporting our community and enhancing stakeholders’ engagement, Braie said.

“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.”

spot_img
spot_img
spot_img
spot_img
spot_img

Hot this week

NGX Chair: Dangote Refinery IPO Will Deepen Nigeria’s Capital Market

Being excerpts of a TV interview granted by Dr....

INEC Chairman, Joash Amupitan, to Keynote GOCOP 2026 Conference in Lagos

Chairman of the Independent National Electoral Commission (INEC), Professor...

NCRIB President Endorses Insurance Meets Tech 5.0, Rallies Brokers to Participate

L-R: Executive Secretary, Nigerian Council of Registered Insurance Brokers...

Fidelity Bank: Why the Right Community Could Be a Woman’s Greatest Advantage

For generations, women have been encouraged to work harder,...

Agusto & Co. Upgrades Mutual Benefits to ‘A-’ on Strong Financial Performance

Agusto & Co. has upgraded the long-term credit rating...

Topics

Renowned Economist, Tony Epelle, Advocates $2tn Economy by 2030

L-R: Garba Kurfi, Managing Director/CEO, APT Securities and Funds...

Guinea Insurance Congratulates Sunday Thomas on Confirmation as NAICOM Boss

  Great Minds Indeed Achieve Great Things  The Board of Directors, Management...

Lower Trade, Higher Poverty Rate Are Cousins

Nigeria is not just a place to set up...

COVID-19: Ecobank Nigeria Supports States with Food Items

Ecobank Nigeria has donated food items to several state governments across the country as contribution to various initiatives aimed at cushioning the effect of the current lockdown on citizens. These palliatives are targeted at the most vulnerable members of the society who have been the hardest hit economically as a result of the current crises. Speaking in Lagos, Executive Director Commercial Banking, Ecobank Nigeria, Carol Oyedeji said this action would also go a long way in supporting members of the community who earn a daily wage and may not have the opportunity of working under the present environment. She noted that the donations are part of the bank’s Corporate Social Responsibility (CSR) and focused on providing support as best as possibleShe remarked that “as a bank we give strong priority to people’s welfare. We are determined to assist ordinary Nigerians during the current difficulties and this is one of the ways we are achieving this. We are also offering concessions to our SME Lending customers at this time given the strain on their cashflows and creating ease for the general public to transact digitally while at home”. Ecobank Group has so far contributed over US$3 million to the fight against COVID-19 across its footprint in Africa in line with the Bank’s commitment to the Region. The Institution is supporting governments, the World Health Organisation (WHO) and partnering with private sector operators to alleviate the effect of the pandemic on citizens. These have been in the form of cash, healthcare equipment, donation of supplies, awareness campaigns while also using digital platform to provide funds to beneficiaries of various funds being distributed. The Bank is particularly mindful of the needs of its communities and remains committed to providing the appropriate support required.    

Digital Encode CVO, Adewale Obadare at PAFON 3.0: Fintech Players Should Prioritise Trust over Speed to Counter Cyber Threats

L-R: Mr. Chike Onwuegbuchi, Chairman, Nigeria Information Technology Reporters’...

Africa, Middle East Tablet Market Declines 8.8%

The Middle East and Africa (MEA) tablet market declined...

Ecobank Digital Series: Educators Seek Private Sector Role, Funding

Stakeholders in the Nigerian Education sector have advocated more...

IPEN Unveils Identity, to Deepen Insurance, Pension Penetration in Nigeria

  A new group of insurance and pension journalists, the...
spot_img

Related Articles

Popular Categories

spot_imgspot_img