The Chairman Linkage Assurance, Chief Joshua Fumudoh, has assured the company’s shareholders that the board and management have put in place strategies to ensure that it beat the industry recapitalisation.
According to him, given the performance in 2020, and the capitalisation of N2 billion at the Annual General Meeting of the company held recently in Lagos, “we are sure we will deliver the company when the recapitalisation exercise is called up again.”
Fumudoh, who gave the assurance at the 27 the Annual General Meeting of the company held recently in Lagos, also spoke on the future of the company, saying, “As we gradually commence recovery from the effects of the global Covid-19 pandemic, we will tread cautiously into the year 2021 in our risk acceptance and operations, in line with our strategic roadmap.
“We shall continue the repositioning strategy aimed at transforming your company to that desired position in the Nigerian insurance market.”
Also speaking, the Managing Director of the company, Mr. Daniel Braie, while responding to shareholders’ questions, explained that the company will continue to redefine its strategies to ensure better performance and increased value for the shareholders.
“We will continue to refine our strategy in line with the political, economic, sociological, and technology changes in the industry, particularly with the impact of the Covid-19 pandemic on the business landscape,” he added.
He said the company would continue to develop innovative products, alternative channels of distribution, and strategic initiatives that would enable the management to achieve the corporate goal and objectives.
Linkage Assurance in its full-year 2020 financial results recorded a gross written premium of N8.3 billion, an increase of 28 per cent year-on-year from N6.5 billion in 2019, while total assets also rose by 18 per cent year-on-year 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 per cent, from N0.4 billion in 2019 to N0.8 billion at the end of 2020. Similarly, its profit before tax during the period under review was N2.5 billion, compared to N1.3 billion in 2019. This represented an 89 per cent year-on-year growth, while profit after tax was N2.4 billion, increasing by 65 per cent from N1.5 billion in 2019.
Reacting to the performance, shareholders of the company, commended the board and management for the 2020 positive performance despite challenges posed by the Covid-19 pandemic.
The shareholders applauded the company’s leadership for the dividend and bonus in a year that capacity and strength of business managers were tested.