Linkage Assurance Revenue Hits N22.2bn In 2024

Linkage Assurance Plc reported a 50 per cent increase in revenue to N22.2 billion in 2024, compared to N14.84 billion in 2023.

Profit Before Tax (PBT) stood at N5.3 billion in 2024, down from N5.5 billion in 2023, a slight decrease of three per cent year over year (YOY).

In the company’s financial results presented to shareholders at its 31st Annual General Meeting (AGM) held on Thursday in Lagos,

Its chairman, Joshua Fumudoh, speaking at its 31st Annual General Meeting (AGM) held over the weekend in Lagos, said, despite headwinds, Linkage Assurance Plc delivered an impressive financial and strategic performance in 2024.

He added that the company also recorded N9.48 billion investment income and other revenues during the year under review, compared to N9.06 billion in the previous year, reflecting a five per cent increase. Total assets rose to N65.68 billion from N51.33 billion 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 corporate governance culture.”

He said that, looking ahead, the board would continue to provide governance oversight that fosters resilience, innovation, and long-term shareholder value.

He acknowledged that the road ahead might present challenges but emphasised that Linkage Assurance Plc was well-positioned to adapt, compete, and lead.

Meanwhile, shareholders at the meeting approved a one-for-five bonus issue amounting to N1.54 billion, to be capitalised from the company’s retained earnings and 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.

The managing director/CEO of Linkage Assurance Plc, Daniel Braie, 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, reinforced partnerships, and broker-driven distribution.

He noted that the Insurance Service Result rose to N766.9 million, a 193 per cent 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 billion, compared to N4.49 billion in 2023, underscoring its capacity to meet claims obligations and honour its insurance contracts.