Linkage Assurance Plc has recorded a Gross Premium Income of N4.03 billion in its 2016 financial year from N3.78 billion in 2015, representing a six per cent growth.
The firm also recorded a boost in its underwriting profit by 55 per cent to N701 million from N1.2 million.
The 2015 dividend income from Stanbic IBTC Pension Limited that was not received during the year led to a drop of 36 per cent to N951 million from N1.4 billion in 2015.
Also, its Profit before Tax grew marginally by 2 per cent to N544 million from N508 million in 2015.
Speaking at the company’s 23rd Annual General Meeting (AGM) in Lagos, its Chairman, Dr. John Eseimokumoh, said the firm’s oil and gas business improved its gross premium income.
He said the firm was positioning to take competitive advantage of the transformation and regulatory efforts of the National Insurance Commission (NAICOM) intended to deepen insurance penetration, and provide huge growth prospect for underwriting firms.
He disclosed that the firm had embarked on a new phase of growth that guarantees greater returns on investment (ROI) for its teaming shareholders.
He said this is coming from the strategic initiatives of the new management to navigate the organisation towards better performance and profitability even with the challenges of the current market environment.
In addition, the company’s chairman said the company was introducing affordable retail products with superior value propositions to the insurance market via numerous business channels, especially online platforms, to increase insurance acceptability and improve perception by the teaming population.
Managing Director, Dr. Pius Apere, told shareholders that this is a new era in the life of the company, assuring them that come next AGM shareholders would be glad they invested in Linkage.
He said: “We have repositioned the company for growth and stronger returns on investment for shareholders, and this is evidenced in our half year 2017 performance, which is already in public domain.
“We will continue to explore new growth opportunities in the economy to increase its market share; reengineered its operations for increased efficiency via state of the art business technology to drive productivity and empowerment of its workforce in its efforts to deepen insurance penetration in the economy.