Linkage Assurance Plc said it had met the N5 billion minimum capital requirements as mandated in the segmented recapitalisation exercise of the National Insurance Commission (NAICOM).
Addressing the insurance journalists during a training programme in Lagos, the Managing Director of the Company, Mr. Daniel Braie, who was represented by the firm’s Chief Financial Officer (CFO), Mr. Emmanuel Otitolaiye, gave insight on how the company was able to meet the 50 per cent threshold.
He explained that as at December 31, 2019, Linkage Assurance Plc’s paid-up capital was N4 billion, adding that to raise the remaining N1 billion, the firm at her 2019 Annual General Meeting (AGM) held on August 13, 2020, sought and received approval from shareholders to raise the balance from the company’s accumulated retained earnings of N2.4 billion by issuance of two billion bonus shares of N0.50 kobo to existing shareholders valued at N1 billion.
Braie said having met the N5 billion for the first segment, the company was working assiduously to ensure that the balance of N5 billion is made available before NAICOM’s September 30, 2021 deadline.
According him, “having succeeded in obtaining shareholders’ and regulatory approvals, Linkage Assurance Plc has met the N5 billion minimum capital requirements as at date earlier than December 31, 2020 deadline set by NAICOM.
“The balance of N5 Billion 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 before deadline.”
On the company’s strategic outlook taking into consideration various strategies including its intention and focus, he said: “Our strategy is to consistently grow our revenue and deliver strong returns and excellent customer experience, while leveraging on technology, strategic alliances, and capabilities / insights to provide world-class insurance & risk management solutions. Our guiding principles are our core values and vision. They underpin our desires, ambitions and aspirations aimed at reinforcing the trust of our stakeholders
“Linkage Assurance Plc 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 recognised that the success criteria for an insurance company are a declining expenses ratio, good risk management and high /diversified distribution efficiency. Digitalization, innovation, and utilization of new and efficient technology are also important means for achieving Linkage Assurance Plc success criteria