Yemisi Izuora.
Linkage Assurance Plc is considering adoption of new business strategies that will create growth opportunities for better profit return.
Speaking at the Company’s 23rd Annual General Meeting in Lagos, Chairman Board of Directors, Dr. John A. Eseimokumoh (MON), said that Linkage is positioning to take competitive advantage of the transformation and regulatory efforts of the National Insurance Commission (NAICOM), which is intended to deepen insurance penetration in the economy, and provide huge growth prospect for underwriting firms. In addition, the company’s Chairman posited that the company is gradually introducing affordable (or pocket friendly) 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.
Dr. Eseimokumoh stated that as part of the firms strategic initiatives “we have developed and launched a number of retail products, including the Linkage Third Party Plus, which is a budget friendly motor insurance that provides not only the compulsory third party cover but an additional own damage protection to the tune of N250,000. This is only available from your Company Linkage Assurance Plc”.
“We also have the Linkage Purple Motor Plan, an exclusive comprehensive motor insurance for women; Linkage SME Comprehensive; Citadel Shield, which provides compensation as result of injuries from accident for pupils and students in recognized academic establishments; Linkage Events Xclusive Insurance; Linkage Shop Insurance and the Linkage Estate Insurance.
He told shareholders that the company’s online portals would be deployed in due course. This initiative would make products and services more widespread, processed quicker, and readily available to all its customers.
Dr. Pius Apere, Managing Director/CEO of the Company while speaking at the Meeting 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.
“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”.
Dr. Apere further assured shareholders that the Company 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.
At the end of 2016 financial year, Linkage recorded Gross Premium Income of N4.03 billion. The underwriting results show a significant growth of 56,773 percent, which is an indication of improved technical efficiency and risk management practices. The profit before tax for the year closed at N942.6million, which represents a 2 percent increase from 2015.