L-R: Okanlawon Adelagun, Executive Director, Technical, Linkage Assurance Plc; Rotimi Edu, Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB); Bola Onigbogi, President, NCRIB ; Daniel Braie, Managing Director/CEO, Linkage Assurance; Joyce Ojemudia, General Manager, Marketing, Linkage Assurance and Fatai Adegbenro, Executive Secretary/CEO, NCRIB, during the February Members Evening of the NCRIB hosted by Linkage Assurance Plc in Lagos.
Linkage Assurance CEO assures brokers of Company’s recapitalization plan
The Managing Director/CEO of Linkage Assurance Plc, Mr. Daniel Braie has assured the brokerage fraternity that his Company will meet the new capital base of N10 Billion.
Braie said that Linkage is not looking outside for funding to meet the recapitalisation requirement, but that it has the internal capacity to raise the needed funds.
Mr. Daniel Braie, who disclosed this during the February Members Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) held in Lagos, said that Linkage Assurance will conclude its recapitalization process on or before the end of second quarter 2020.
He told them that they are dealing with an underwriter that is financially strong and have the capacity to meet its obligations as and when due, disclosing that Linkage as at the end of 2019 has a shareholders fund of N28 billion.
According to him, being the first underwriter to host the brokers this year 2020, having also achieved that feat in 2019 underscores the regard and valued partnership the Company has with the brokers.We believe that the brokers are our genuine partners and that is why we continue to be the first to host this programme. Linkage is also the first underwriting company to extend this partnership to other Area Committees of NCRIB outside Lagos. NCRIB Area Committeeshosted in 2019 are in Abuja, Port-Harcourt, Kano, and we are continuing, he said.
Braie assured the brokers that Linkage will not take the partnership for granted, and so has put in place a seamless system to ensure that commissions and claims are processed speedily.
From the way we have structured our operations, you don’t need to see the MD for your claims to be paid, and from anywhere we are in this world we can authorize payment, he assured the brokers.
The NCRIB Members, who unanimously commended Linkage Assurance for their professionalism and response time, gave their endorsement, charging the company to continue its exemplary leadership role in the industry.
Linkage Assurance Plc at the close of business in 2019 posted a Gross Written Premium (GWP) of N6.52 billion as against N5.39 billion during the same period in 2018, indicating a 21 percent increase.
From the business generated in 2019, the company also recorded a Profit Before Tax (PBT) growth of 909 percent, moving from N135 million in 2018 to N1.36 billion during the review period.
Profit After Tax (PAT) also grew to N1.3 Billion, a 553 percent increase from a loss position of N290 million during the same period in 2018.
Underwriting profit rose by 153 percent to close at N409 million during the review period, as against loss position of N773 million the previous year, while investment also grew by 10 percent, moving from N2.46 billion in 2018 to N2.71 billion in 2019.