An underwriting firm, Linkage Assurance Plc, has delivered a stellar performance for the 2024 financial year, posting a 50 per cent revenue increase to N22.2 billion despite Nigeria’s challenging macroeconomic environment.

The insurer has also moved to strengthen its capital base with a one-for-five share bonus, signaling strategic preparedness for the industry’s 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 issue, which targets N1.54 billion to be financed from retained earnings, a move seen as prudent given the sector’s risks.
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 figures; they reflect strategic leadership and a deep commitment to corporate governance,” Fumudoh said. While profit before tax (PBT) 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, a five per cent year-on-year growth.

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 partnerships 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 optimised risk portfolios.

Claims payout stood at N4.58 billion, reaffirming the company’s commitment to policyholders’ obligations.