LINKAGE ASSURANCE PLC Annual Report
For the year ended 31 December 2022
Linkage Assurance Plc Annual Report for the year ended 31 December 2022
Table of contents | Page |
Corporate Information | 3 |
Financial Highlights | 4 |
Report of the Directors | 5 |
Corporate Governance Report | 9 |
Report of the Audit Committee | 12 |
Enterprise Risk Management Declaration Statement | 13 |
Statement of Directors' Responsibilities in relation to the preparation of the Financial Statements | 14 |
Certification Pursuant to Section 60(2) of Investment and Securities Act No. 29 of 2007 | 15 |
Independent Auditor's Report | 16 |
Financial Statements | |
Statement of Financial Position | 22 |
Statement of Profit or Loss and Other Comprehensive Income | 23 |
Statement of Changes in Equity | 24 |
Statement of Cashflows | 25 |
Notes to the Financial Statements | 26 |
Other National Disclosures | |
Valued Added Statement | 98 |
Financial Summary | 99 |
Revenue Account | 100 |
Linkage Assurance Plc Annual Report for the year ended 31 December 2022
Corporate Information
Company registration number Date of Incorporation Company Type
Mission Statement
Board of Directors
Chairman
Other Directors
162306
Tuesday, March 26, 1991
Public Limited Liability Company
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.
Directors | Designation | Appointment/ Resignation |
Chief Joshua Bernard Fumudoh | Chairman |
Mr Okanlawon Adelagun | Executive Director | ||
Mr. Daniel Braie | Managing Director | ||
Mr. Tamunoye Zifere Alazigha | Executive Director | Retired July 2022 | |
Mr. Olakunle Bomo Agbebi | Non-executive Director | ||
Mr. Bernard Nicolaas Griesel | Non-executive Director | ||
Mrs. Funkazi Koroye-Crooks | Non-executive Director | ||
Mr. Maxwell Ebibai | Non-executive Director | ||
Mr. Pius Otia | Non-executive Director | ||
Mr. Abubakar Shehu Dahiru | Independent Director | Retired June 2022 | |
Mrs Valentina Marinho | Independent Director | Appointed 9th August 2022 | |
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
Reinsurers
Principal Bankers
Actuary
FRC Registered No.
Ernst & Young
10th & 13th Floor, UBA House
57, Marina
Lagos
Nigeria
www.ey.com
African Reinsurance Corporation, Lagos, Nigeria | YOA Reinsurance Brokers Limited |
Continental Reinsurance Plc, Lagos, Nigeria | MarshFJC International Insurance Brokers Limited |
WAICA Reinsurance Corporation Plc, Lagos, Nigeria | Zebra Insurance Brokers |
FBS Reinsurance Limited, Lagos, Nigeria | MNK Reinsurance Brokers Limited |
Nigeria Reinsurance Corporation, Lagos, Nigeria | GRS Reinsurance Brokers Limited |
Jordans Global Insurance Brokers | Insurance Brokers of Nigeria limited |
Access Bank Plc | Keystone Bank Limited |
Ecobank Nigeria Limited | 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 Limited | Unity Bank Plc |
Heritage Bank Limited | Zenith Bank Plc |
Sterling Bank Plc | Providus Bank |
Wema Bank Plc | Abbey Mortgage Bank Plc |
O & A Hedge Actuarial Consulting | |
FRC/2012/0000000000339 |
3
Linkage Assurance Plc Annual Report for the year ended 31 December 2022
Financial Highlights
31 Dec 2022 | 31 Dec 2021 | Changes | |
N'000 | N'000 | (%) | |
Comprehensive income statement | |||
Gross premium written | 12,979,789 | 11,161,499 | 16 |
Gross premium income | 12,506,551 | 10,454,408 | 20 |
Net premium income | 7,077,688 | 5,428,543 | 30 |
Underwriting profit/(loss) | 506,162 | (2,584,189) | 120 |
Investment and other income | 4,865,190 | 1,328,929 | 266 |
Profit / (Loss) before taxation | 2,696,182 | (3,878,914) | 170 |
Profit / (Loss) after taxation | 2,566,891 | (3,990,638) | 164 |
Statement of financial position | |||
Total assets | 39,996,868 | 38,710,185 | 3 |
Insurance contract liabilities | 12,811,727 | 11,635,256 | 10 |
Key Ratios | 31 Dec 2022 | 31 Dec 2021 | |
% | % | ||
Claims ratio | 29 | 82 | |
Claims ratio (net) | 35 | 93 | |
Underwriting expenses ratio | 41 | 36 | |
Fees and Commission income ratio | 8 | 8 | |
Management expenses ratio | 21 | 24 | |
Underwriting profit/(loss) margin | 4 | (23) |
Our Performance
Gross premium written grew by 16% to N12.9billion as at December 2022 from N11.2billion recorded in prior year. The Company achieved an underwriting profit of N508million against a loss of N2.58billion in the prior year. Profit before tax stood at N2.7billion. The major driver is investment income which was buoyed by the dividend income of N3.1billion received from Stanbic IBTC Pension Managers Ltd.
Outlook
As an organization, we shall continue to refine our strategy in line with our strategic focus for the year and theme. Our theme for 2023 is "Consolidation", and this informs our strategic intent along the four pillars of Business growth, Operational excellence, financial excellence, and Customer & People. Consequently, during the year the identified strategic focus will guide as compass in our quest to navigate through the highly competitive insurance market to increase our market share in the most profitable sectors and offer excellent customer experience to all our clients.
Product offering & Fintech
As part of our agile strategy, we shall leverage on the technology to improve our products and services especially to our direct and personal clients. This is also part of digital transformation initiatives. Also, having recognized the impact of certain products lines like motor insurance on our portfolio, we are positioned to offer to our client's different options of motor insurance according to their risk exposure(s) willingness and ability to pay.
Brand Development
We shall continue to leverage on the positive impact of our ongoing brand rejuvenation and awareness campaign to the insuring public. This will be reinforced by our customer value propositions.
Corporate Social Responsibility (CSR)
As a corporate socially responsible organization, we shall continue to expand our activities in the bid to give back to the communities where we do business and the society as a whole. During the year 2022, we responded to households and businesses affected by the floods and to NGOs, FRSC and others.
Work Life Balance & Manpower Development
Linkage Assurance PLC is committed to ensuring a work-life balance for our employees and reduction in the cost of doing business. As a result of these, we embarked on Work-from-Home. (WFH) which allows us to adopt a hybrid work regime.
4
Linkage Assurance Plc Annual Report for the year ended 31 December 2022
Report of the Directors
It is the pleasure of the Directors to submit their annual report together with the audited financial statements and independent auditor's report for the year ended 31 December 2022.
1 Legal status
The Company was incorporated on the 26th of March 1991 as a private limited liability company - Linkage Assurance Company Limited. It was registered by the National Insurance Commission on the 7th of October, 1993 to transact general insurance business and commenced operations in January, 1994. The Company became a Public Limited Liability Company in 2003 and the Company's shares, which are quoted on the Nigerian Stock Exchange, were first listed on 18 November, 2003. In compliance with regulatory directives on re-capitalization in the Insurance Industry in 2007, the Company merged with the former Central Insurance Company Limited. The registered office of the Company is Plot 20 Block 94 Providence Street, Off Adewunmi Adebimpe Street, Lekki Phase 1, Lekki, Lagos, Nigeria.
-
Principal activity
The Company was registered to transact all classes of life and non-life insurance business, insurance claims payment and investments. Subsequently it disposed its life business in February 2007 and concentrated on the non-life insurance business. - Operating results
The following is a summary of the Company's operating results for the year:
31 Dec 2022 | 31 Dec 2021 | ||
N'000 | N'000 | ||
Gross premium written | 12,979,789 | 11,161,499 | |
Profit / (Loss) before tax expense | 2,696,182 | (3,878,914) | |
Income tax expense | (129,291) | (111,724) | |
Profit / (Loss) after tax expense | 2,566,891 | (3,990,638) | |
4 Directors
The Directors who served during the year were as follows:
Name | Status | Appointment/ Resignation |
Chief Joshua Bernard Fumudoh | Chairman | |
Mr Okanlawon Adelagun | Executive Director | |
Mr. Daniel Braie | Managing Director | |
Mr. Tamunoye Zifere Alazigha | Executive Director | Retired July 2022 |
Mr. Olakunle Bomo Agbebi | Non-executive Director | |
Mr. Bernard Nicolaas Griesel | Non-executive Director | |
Mrs. Funkazi Koroye-Crooks | Non-executive Director | |
Mr. Maxwell Ebibai | Non-executive Director | |
Mr. Pius Otia | Non-executive Director | |
Mr. Abubakar Shehu Dahiru | Independent Director | Retired June 2022 |
Mrs Valentina Marinho | Independent Director | Appointed 9th August 2022 |
5 Directors interest in shares
The interests of the Directors in the issued share capital of the Company as recorded in the register of members as at 31 December 2022 and as notified by them for the purpose of fulfilling Section 301 of the Companies and Allied Matters Act (CAMA) 2020 are as follows:
31 Dec 2022 | |||
Direct | Indirect | Total | |
Mr. Bernard Nicolaas Griesel | - | 1,858,165,841 | 1,858,165,841 |
31 Dec 2021 | |||
Direct | Indirect | Total | |
Mr. Bernard Nicolaas Griesel | - | 1,858,165,841 | 1,858,165,841 |
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Linkage Assurance plc published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2023 20:27:28 UTC.
