LINKAGE ASSURANCE PLC Unaudited Financial Statements
for the Period Ended
31 December, 2022
Linkage Assurance Plc | |
Unaudited Financial Statement- 31 March 2020 | |
Table of contents | Page |
Financial Highlights | 2 |
Corporate Information | 3 |
Cerification of Financial Statements | 4 |
Notes to the Financial Statements and Summary of accounting policies | 5-23 |
Float | 24 |
Statement of Financial Position | 25 |
Statement of Profit or Loss and Other Comprehensive Income | 26 |
Statement of Changes in Equity | 27 |
Statement of Cashflows | 28 |
Notes to the Financial Statements | 29-52 |
Other National Disclosures: | |
- Valued Added Statement | 54 |
- Financial Summary | 55 |
Other Information: | |
- Revenue Account | 56 |
Linkage Assurance Plc Unaudited Financial Statements for the period ended 31 December 2022
Corporate Information
Mission Statement Linkage Assurance Plc. is in business to provide first class insurance and other financial services to the African Insurance market. To achieve this, it has deployed exemplary management, best in class information technology infrastructure and well trained and motivated work force as vehicle for achieving the superior returns expected by shareholders.
Board of Directors | ||
Chairman | Chief Joshua Bernard Fumudoh | |
Other Directors | Mr. Daniel Braie | |
Mr. Okanlawon Adelagun | ||
Mr. Bernard Nicolaas Griesel | ||
Mr. Olakunle Bomo Agbebi | ||
Mrs. Funkazi Koroye-Crooks | ||
Mr. Maxwell Ebibai | ||
Mr. Pius Otia | ||
Mrs. Valentina Marinho | ||
Managing Director | Mr. Daniel Braie | |
Company Secretary | Mr. Moses Omorogbe | |
Registered Office | Linkage Plaza | |
Plot 20, Block 94, Providence Street | ||
Off Adewunmi Adebimpe Street | ||
Lekki-Epe Expressway, Lekki, Lagos | ||
Registrars | Centurion Registrars | |
33C, Cameron Road, | ||
Ikoyi, Lagos. | ||
www.centurionregistrars.com | ||
Auditor | Ernst & Young | |
10th Floor, UBA House | ||
57, Marina | ||
Marina, Lagos | ||
www.ey.com | ||
Reinsurers | African Reinsurance Corporation, Lagos, Nigeria | |
Swiss Reinsurance Company Ltd, Zurich, Switzerland | ||
Continental Reinsurance Plc, Lagos, Nigeria | ||
WAICA Reinsurance, Sierra Leone | ||
Arab Insurance Company, Bahrain | ||
Cathedral @ Underwriter Syndicates No. 2010 MMX, London | ||
ZEP-RE (PTA Reinsurance Company), Nairobi, Kenya | ||
Atrium Underwriting Limited @ Lloyd's Underwriter Syndicate, UK | ||
Hannover Ruck SE, Hannover, Germany | ||
Principal Bankers | Access Bank Plc. | Keystone Bank Limited. |
Ecobank Nigeria Plc. | Polaris Bank Limited. | |
FCMB Limited. | Stanbic IBTC Bank Limited. | |
Fidelity Bank Plc. | Union Bank Plc. | |
First Bank of Nigeria Limited. | United Bank for Africa Plc. | |
Guaranty Trust Bank Plc. | Unity Bank Plc. | |
Heritage Bank Limited. | Zenith Bank Plc. | |
Actuary | O & A Hedge Actuarial Consulting |
Suite 24, !st Floor, Motorways Centre1 Motorways Avenue
Alausa, Ikeja, Lagos, Nigeria
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Linkage Assurance Plc Unaudited Financial Statements for the period ended 31 December 2022
FINANCIAL HIGHLIGHTS | 31 DEC 2022 | 31 Dec 2021 | Changes |
Comprehensive income statement | ₦'000 | ₦'000 | (%) |
Gross premium written | 12,979,789 | 11,161,499 | 16 |
Gross premium income | 12,205,686 | 10,454,408 | 17 |
Net premium income | 6,611,553 | 5,428,543 | 22 |
Underwriting Profit/(Loss) | 218,193 | (2,584,189) | >100 |
Investment and other income | 4,865,190 | 1,328,929 | 266 |
Profit /(Loss) before taxation | 2,452,714 | (3,878,914) | >100 |
Profit/(Loss) after taxation | 2,329,857 | (3,990,638) | >100 |
Statement of financial position | |||
Total assets | 43,045,869 | 38,710,185 | 11 |
Insurance contract liabilities | 13,233,898 | 11,635,256 | 14 |
Key Ratios | 31 DEC 2022 | 31 Dec 2021 |
% | % | |
Claims ratio | 29 | 82 |
Claims ratio (net) | 35 | 93 |
Underwriting expenses ratio | 42 | 36 |
Fees and Commission income ratio | 19 | 17 |
Management expenses ratio | 21 | 24 |
Underwriting Profit margin | 2 | (23) |
Our Performance
Gross premium written grew by 16% to N12.9billion as at December 2022 from N11.2billion recorded in prior year comparative. The Company posted an underwriting profit of N218.2million on account of growth in premium revenue and a moderate claims cost. The investment income was buoyed by the dividend income of N3.1billion received from Stanbic IBTC Pension Managers Ltd. PBT stood at N2.45billion as at December 2022 against N3.87billion loss in the prior period.
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Linkage Assurance Plc Unaudited Financial Statements for the period ended 31 December 2022
Certification Pursuant to Section 60(2) of Investment and Securities Act No. 29 of 2007
We the undersigned, hereby certify the following with regards to our unaudited financial statements for the period ended 31 December 2021 that:
- We have reviewed the report and to the best of our knowledge, the report does not contain:
- any untrue statement of a material fact, or
- omission to state a material fact, which would make the financial statements misleading in the light of circumstances under which such statements were made;
- to the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operation of the Company as of, and for the periods presented in the report.
- We:
- are responsible for establishing and maintaining internal controls.
- have designed such internal controls to ensure that material information relating to the Company is made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared;
- have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report;
- have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as of that date;
- We have disclosed to the auditors of the Company and audit committee:
- all significant deficiencies in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
-
any fraud, whether or not material, that involves management or other employees who have significant role in the
Company's internal controls;
We have identified in the report whether or not there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Mr. Daniel Braie | Emmanuel Otitolaiye | |
Managing Director/CEO | Chief Financial Officer | |
FRC/2018/CIIN/00000018082 | FRC/2014/ICAN/00000008524 | |
26 Jan. 2023 | 26 Jan. 2023 |
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Linkage Assurance plc published this content on 27 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2023 13:38:03 UTC.
