Linkage Assurance records N2.89 billion profit

Shareholders of Linkage Assurance Plc who had waited over the years for dividend,finally got received five kobo per share pay out, as the company’s profit after tax increased to N2.89 billion in 2017 financial year.

The shareholders, who spoke on the achievements of the company in 2017 financial year, at the 24th yearly general meeting, in Lagos, called on the management and board to ensure the sustenance of the growth.

They unanimously want the company to reinforce the marketing team and distribution channels so that there will be more growth in premium and profitability for the company in the coming years.

But the Chairman of Linkage Assurance, Joshua Bernard Fumudoh, who announced the result, said the company in 2017, recorded a gross premium written of N4.10 billion as against N4.03 billion in 2016, while the gross premium income rose six per cent to N4.186 billion in the review year, against N3.96 billion the past year.

The profit before tax rose by 218 per cent from N942.68 million to N2.996 billion in 2017, while the profit after tax also appreciated significantly by 431 per cent to close at N2.891 billion in 2017.

This came, as total assets appreciated 15 per cent to N23.3 billion in 2017, from N20.33 billion in the previous year.

Fumudoh also said the company paid out a total of N1.038 billion in claims in 2017, against N613.2 million in 2016, underscoring commitment to the policyholders.

He noted that the company was determined to take advantage of developments in the economy by evolving strategic initiatives like the deployment of online portal for selling of motor insurance, as well as repositioning its bouquet of retail products- Third Party Plus (a budget friendly motor insurance plan) to ensure sustainable growth for the company in 2018 and beyond.