An underwriting firm, Linkage Assurance Plc has delivered a stellar performance for the 2024 financial year, posting a 50 per cent revenue jump to N22.2 billion despite Nigeria’s challenging macroeconomic environment.
The insurer also moved to strengthen its capital base with a one-for-five bonus share issue, signaling strategic preparedness for the industry’s looming recapitalisation.
At its 31st yearly general meeting in Lagos, shareholders applauded the results and praised management’s decision to prioritise balance sheet resilience over cash payouts.
The board approved the bonus issue worth N1.54 billion, to be capitalized from retained earnings a move seen as prudent given sector dynamics.
. the Chairman of the board, Joshua Fumudoh, described the performance as a product of discipline underwriting, prudent investments, and strong governance.. “These results are not just figure, they reflect strategic leadership and a deep commitment to corporate governance,” Fumudoh said.
While Profit Before Tax dipped marginally by three per cent to N5.3 billion from N5.5 billion in 2023, investment income and other revenues climbed to N9.48 billion, up 5 per cent year-on-year.
Total assets rose by 28 per cent to N65.68 billion, underscoring improved capital efficiency and sustainability.
The Managing Director/Chief Executive Officer, Daniel Braie, attributed the top-line growth to expanded footprint in motor, oil and gas, marine, and general accident segments, supported by stronger broker partnership and improved distribution channels. “We delivered impressive growth across core segments, which speaks to the effectiveness of our expansion strategy and operational execution,” he said.
The company also reported a 193 per cent jump in insurance service result to N766.9 million under IFRS 17, driven by tighter claims management and optimized risk portfolios. Claims payout stood at N4.58 billion, reaffirming the company’s commitment to policyholders obligations.
Shareholders, including Boniface Okezie and other representaitives, lauded the bonus issue as a foreward=looking move that positions the insurer to navigate recapitalization and sustain growth momentum.
Looking ahead, Fumudoh assured stakeholders of continued focus on innovative, governance, and value creation. The road ahead may be challenging, but Linkage Assurance is well positioned to adapt, compete, and lead,” he noted.
With robust revenue growth, strengthened capital, and a clear stretagic direction, the insurer is charting a course that reflects confidence in its future and in the resilience of Nigeria’s insurance sector.
