Linkage Assurance Plc recorded a 50 per cent rise in its insurance revenue for the 2024 financial year to N22.23bn from N14.84bn.
At the 31st Annual General Meeting held on Thursday in Lagos, it was revealed that the firm’s performance is driven by market expansion and resilient operations despite a challenging business environment.
Linkage Assurance Plc’s Profit Before Tax stood at N5.3bn in 2024, from N5.5bn in 2023, a slight decrease of three per cent year-on-year.
Speaking on the floor of the AGM, the chairman of the Board of Directors, Joshua Fumudoh, said that despite headwinds, Linkage Assurance Plc delivered an impressive financial and strategic performance in 2024.
He added that the company also recorded N9.48bn in investment income and other revenues during the year under review, compared to N9.06bn in the previous year, reflecting a five per cent increase. Total assets rose to N65.68bn from N51.33bn in 2023.
“Such outcomes are not merely numerical milestones; they reflect sound executive management, consistent underwriting discipline, prudent investment practices, and a board-driven culture of corporate governance,” Fumudoh said.
Looking ahead, he said the board will continue to provide governance oversight that fosters resilience, innovation, and long-term shareholder value.
He acknowledged that the road ahead may present challenges but emphasised that Linkage Assurance Plc is well-positioned to adapt, compete, and lead.
Managing Director/Chief Executive Officer of Linkage Assurance Plc, Daniel Braie, said the company’s insurance revenue growth during the review year was driven by strategic expansion across motor, fire, oil and gas, marine, and general accident lines, as well as reinforced partnerships and broker-driven distribution.
He noted that the insurance service result rose to N766.9m, a 193 per cent improvement from N261.5m in 2023, supported by enhanced underwriting, improved claims containment strategies, and continued portfolio optimisation.
Meanwhile, shareholders at the meeting approved a bonus issue of one-for-five, amounting to N1.54bn, to be capitalised from the company’s retained earnings to strengthen its share capital position.
They praised the board’s decision to issue a bonus rather than pay dividends, saying it was in the company’s best interest given a likely recapitalisation exercise expected in the insurance industry.
They expressed optimism about the company’s future, citing its demonstrated capacity to meet claims obligations, and urged the board and management to take advantage of growth opportunities within the industry.
During the review period, Linkage Assurance paid claims amounting to N4.58bn, compared to N4.49bn in 2023, underscoring its capacity to meet claims obligations and honour its insurance contracts.
