LINKAGE Assurance Plc shareholders have lauded the Board and management of the company for recording outstanding performance in the 2023 financial year, leading to impressive returns on investment.
They appreciated the over 5-kobo dividend and bonus issue of one for 10 declared at the insurer’s 30th Annual General Meeting (AGM) held in Lagos and lauded the result in view of the challenges in the operating environment.
Chairman of the Board, Chief Joshua B. Fumudoh, while speaking at the AGM, pointed out that despite the challenging operating environment, Linkage Assurance Plc achieved commendable result and will continue to pay dividend as the firm continues in its growth trajectory.
Chief Fumudoh stated that Linkage Assurance financial performance remains 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 lauded 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.
While giving the performance breakdown, Chief Fumudoh said the company was able to grow the insurance revenue to N14.8 billion in 2023 from N12.5 billion in 2022, showing growth rate of 19 percent, while investment and other incomes rose by 80 percent to N9.07 billion, as against N5.04 billion in 2022.
During the period under review, the underwriting firm achieved a Profit Before Tax of N5.46 billion from N1.87 billion in the previous year, showing 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, representing 36 percent increase.
Managing Director/CEO of the Linkage Assurance Plc, Daniel Braie, remarked at the AGM that the company’s commitment to excellence and innovation remains steadfast.
He said: “We are optimistic about the opportunities ahead and prepared to navigate any challenges that will arise. Our strategic focus centres on driving growth, sustaining profitability, and delivering value to our stakeholders.”
Braie laid out how to drive growth in 2024, saying that strategies will include product innovation, market penetration, customer engagement as well as operational efficiency
He stated: “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.”
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