Underwriting firm, Linkage Assurance Plc has assured its shareholders of stronger performance and increased returns on investment despite challenges in the environment.

A statement said Linkage Assurance gave the assurance at its 29th annual general meeting in Lagos.

The Chairman of the Company, Chief Joshua Fumudoh, while speaking at the AGM, said 2022 was one of the most challenging years in the history of modern times, characterised by devastating economic and geopolitical uncertainties.

Fumudoh said notwithstanding these, Linkage Assurance Plc was able to grow the gross premium written by 16 per cent to N12.9bn against N11.2bn in 2021.

He said the company was able to effectively manage its risks during the review year, posting underwriting profit of N506m, a growth of 120 per cent when compared to the loss of N2.58bn in 2021.

Linkage Assurance also strengthened its bottom-line with profit before tax of N2.7bn, and profit after tax of N2.57bn.

The Chairman Emeritus, Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, speaking at the meeting, commended the board and management for clearing the negative earnings brought by EndSARS claims, which resulted in the loss position in 2021.

He said the company was now in a better position to pay good dividends.

The President, Pragmatic Shareholders Association, Bisi Bakare, who also applauded the performance of the company said shareholder would look forward to good dividend in the current financial year.

The Managing Director/Chief Executive Officer, Linkage Assurance Plc, Mr Daniel Braie, commenting on performance of the company, said the underwriting firm had continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.

He said the company was focused on maximising its potential in key segments of the market where it played strongly, and would continue to ensure it creates value for its teaming shareholders.

The managing director said, “As an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme.

“Our theme for 2023 is ‘consolidation’, and this informs our strategic intent along the four pillars of business growth, operational excellence, financial excellence, and customer and people.”

Braie said the company had identified strategic focus, which would guide it as moved in its quest to navigate through the highly competitive insurance market to increase market share in the most profitable sectors, and offer excellent customer experience to all its clients.

Total assets at the end of 2022 financial year stood at N39.99bn, a three per cent increase from N38.71bn the previous year.

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