Linkage Assurance Plc, has leaped over the mid hurdle of new capital required, at the point it hit the regulator stipulated half of the new N10bn capital requirement for general business. This was achieved a couple of months before December 31, 2020.
The managing director, Mr. Daniel Braie, who was represented by the firm’s chief financial officer, Mr. Emmanuel Otitolaiye, at National Association of Insurance and Pension Correspondents one-day training in Lagos, said the company reached the N5bn threshold when it received approval from shareholders to raise N1bn from the company’s accumulated retained earnings of N2.4bn by the issuance of bonus shares of N0.50k to existing shareholders. As at December 31, 2019, the firm’s paid up capital was N4bn.
With the seal of approval secured for the mid capital compliance, from National Insurance Commission, Braie said, “the balance of N5bn would have to be met on or before 30 September 2021, being deadline set by NAICOM and the company has array of options to comfortably achieve this deadline.”
He said the focus is to consistently grow revenue and deliver strong returns and excellent customer experience on strength of technology, strategic alliance and capabilities to provide world-class insurance and risk management solutions.
Garbed with its guiding principles: core values and vision, the company’ chieftain said it “has the strategic intent of crafting a niche for itself and becoming one of the market leaders in the non-life insurance market in Nigeria. We recognise that the success criteria for an insurance company are a declining expense ratio, good risk management and diversified distribution efficiency.”
He said the company will surge forward with digitalisation, innovation and new and efficient technology to attain medium and short term objectives including achieving desired monthly, quarterly and annual targets and outcomes. Also in the league is the focus to grow both top and bottom lines (gross premium income and profit).
“Our service proposition is to give our customers peace of mind through need-based insurance solutions and exceeding their expectations. We are committed to this by seeking to understand their risks and business objectives and providing insurance services to them,” Braie promised.