Underwriting firm Linkage Assurance Plc recorded a strong performance across key metrics in the 2024 financial year, driven by market expansion and resilient operations despite a challenging business environment.
In the company’s financial results presented to shareholders at its 31st Annual General Meeting (AGM) held Thursday in Lagos, Linkage Assurance Plc reported a 50 percent increase in revenue to N22.2 bn in 2024, compared to N14.84 bn in 2023. Profit Before Tax (PBT) stood at N5.3 bn in 2024 from N5.5 bn in 2023, a slight decrease of 3% YOY.
Joshua Fumudoh, Chairman of the Board of Directors, speaking at the AGM, said that despite headwinds, Linkage Assurance Plc delivered an impressive financial and strategic performance in 2024.
He added that the company also recorded N9.48 bn investment income and other revenues during the year under review, compared to N9.06 bn in the previous year, reflecting a 5 percent increase. Total assets rose to N65.68 bn from N51.33 bn in 2023.
Fumudoh stated, “Such outcomes are not merely numerical milestones; they reflect sound executive management, consistent underwriting discipline, prudent investment practices, and a board-driven culture of corporate governance.”
Looking ahead, he said the board will continue to provide governance oversight that fosters resilience, innovation, and long-term shareholder value.
He acknowledged that the road ahead may present challenges but emphasized that Linkage Assurance Plc is well positioned to adapt, compete, and lead.
Meanwhile, shareholders at the meeting approved a bonus issue of one-for-five, amounting to N1, 540, 000,000.00, to be capitalised from the company’s retained earnings in order to strengthen its share capital position.
Shareholders who spoke at the meeting, including Williams Adebayo, Boniface Okezie, Nona Awoh, and Anthony Omojola commended the board and management for the impressive performance during the review period.
They praised the board’s decision to issue a bonus rather than pay dividends, saying it was in the company’s best interest given a likely recapitalisation exercise expected in the insurance industry.
They expressed optimism about the company’s future, citing its demonstrated capacity to meet claims obligations, and urged the board and management to take advantage of growth opportunities within the industry.
Daniel Braie, Managing Director/CEO of Linkage Assurance Plc, said the company’s insurance revenue growth during the review year was driven by strategic expansion across motor, fire, oil and gas, marine, and general accident lines, as well as reinforced partnerships and broker-driven distribution.
He noted that the Insurance Service Result rose to N766.9 million, a 193 percent improvement from N261.5 million in 2023, supported by enhanced underwriting, improved claims containment strategies, and continued portfolio optimisation.
During the review period, Linkage Assurance paid claims amounting to N4.58 bn, compared to N4.49 bn in 2023, underscoring its capacity to meet claims obligations and honor its insurance contracts.
Featured picture: L-R: Funkazi Koroye-Crooks, Non-Executive Director; Moses Omoregbe, Company Secretary; Joshua Fumudoh, Chairman; and Daniel Braie, Managing Director/CEO all of Linkage Assurance Plc during its 31st Annual General Meeting held in Lagos
