Shareholders of an underwriting firm, Linkage Assurance Plc have commended the Board and Management of the insurer for the outstanding performance in the 2023 financial year, which resulted in returns on investment.
The Company’s shareholders who expressed their excitement over a 5-kobo dividend and bonus issue of one for 10 declared at the Insurer’s 30th yearly general meeting in Lagos applauded the result given the challenges in the operating environment in the country.
Speaking at the programme, Chairman of the board, Chief Joshua Fumudoh, said despite the challenging operating environment, the insurer has achieved commendable results and will continue to pay dividends as the company continues in its current trajectory.
Fumudoh said the firm performance remained robust, with strong revenue growth, improved underwriting discipline, and prudent investment management, which are contributing to enhanced profitability.
The underwriting firm during the year under review achieved a Profit Before Tax of N5.46 billion from N1.87 billion in the previous year, 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, a 36 percent increase.
Daniel Braie, Managing Director/CEO of the Linkage Assurance Plc in his remark at the AGM said the company’s commitment to excellence and innovation remains steadfast.
“We are optimistic about the opportunities ahead and prepared to navigate any challenges that arise. Our strategic focus centres on driving growth, sustaining profitability, and delivering value to our stakeholders.”
Driving growth in 2024, Braie said strategies will include product innovation, market penetration, customer engagement as well as operational efficiency
“By continuously innovating and developing new insurance products tailored to our customer’s evolving needs,
we aim to stay ahead of market trends and strengthen our market leadership.”
