Shareholders of Linkage Assurance Plc have applauded growth of the firm, which saw its Gross Premium Written (GPW) rising by 34 per cent in 2021 financial year despite the challenging business environment.
A cross section of the shareholders including Bisi Bakare, who spoke at Linkage Assurance Plc’s 28 Annual General Meeting held in Lagos, said the operating environment had become very competitive, commending the board and management for making deeper inroads into oil and gas, aviation and agriculture, among others.
Linkage Assurance Plc during the year under review grew its GPW to N11.16 billion from N8.33 billion in 2021 financial year, while the net underwriting income was N6.26 billion, as against N5.076 billion the previous year.
Joshua Fumudoh, Chairman of the board, who announced the performance, said growth in revenue could not translate to profitability because of huge claims that hit the company in 2021, including the EndSARS protest losses. Fumudoh said: “The aftermath of the 2020 #EndSARS protest took a toll on the insurance industry and Linkage was not exempted.
The total #End- SARS claims for the insurance industry was about N20 billion whilst Linkage Assurance Plc exposure was N1.1 billion.” He said, however, that the company was proud to have met its obligations to her teaming customers by enabling them to return to their business despite the huge losses.
In addition to #EndSARS, other two major claims occurred in 2021, which there is a provision of N1.5 billion and N750 million already paid.
While assuring the shareholders for better performance in the current year given its first quarter and second quarter performance, he said “we will continue to refine our strategy in line with the political, economic, sociological and technological changes in the industry.
“We will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us to achieve our corporate goals and objectives.