…pays N2.7 billion claims
L-R: Mr Daniel Braie, Managing Director; Chief Joshua Fumudoh, Chairman; Mr Moses Omorogbe, Company Secretary and Mr Bernard Griesel, Non-Executive Director, all of Linkage Assurance PLC during the 25th Annual General Meeting of the company held in Lagos.
Underwriting firm, Linkage Assurance Plc says it will take advantage of opportunities in the economy and expected stability to grow its portfolio for increased shareholder value, while focusing on profitability, customer intimacy and operational efficiency.
Joshua Fumudoh, chairman of the Company made the disclosure at its 25th Annual General meeting held in Lagos.
Fumudoh who reviewed the company’s performance during the meeting said the underwriter in the 2018 financial year achieved 31 percent growth in gross written premium to N5.391 billion from N4.102billion in 2017 despite the tough operating environment.
According to him, the company paid out a whopping N2.71 billion on claims in 2018, which were largely from oil and gas, aviation businesses, as against N1.04 billion the previous year.
He said that insurance companies are in the business to pay claims, and being able to pay this huge amount clearly underscores the financial capability of the company to meet its obligations when they fall due.
Daniel Braie, managing director/CEO of the Company said to enable the company achieve its set goals, management is driving strategic initiates, which include reinsurance optimization; revenue growth, brand awareness,corporate excellence and strong financial solvency
Going into 2019, Braie said the focus of the company is profitability, and we would have this in mind from the point of acceptance of business from every market segment no matter the size and exposure.
“For this reason, we would ensure effective risk management and the essence of this is to ensure adequate risk management culture within our underwriting and claims processes, Braie said.
Braie told shareholders at the meeting that the company was already generating profit and making progress in its projection for the current year to meet shareholders expectation.
As at the end of first quarter 2019, Linkage Assurance Plc’s unaudited result shows 34 percent growth in profit before tax (PBT) to N627.52 million, as against N469.19 million in 2018, while the profit after tax during the same period stood at N439.26 million, from N375.36 million in 2018, indicating a 17 percent increase.