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Linkage Assurance Targets Increase In Revenue, Profit 

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Linkage Assurance PLC strategises to consistently grow its revenue and deliver strong returns and excellent customer experience.
The company’s Managing Director, Mr. Daniel Braie, who stated this while addressing members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos on Tuesday, said the insurer would be leveraging on technology, strategic alliances, and capabilities / insights to provide world-class insurance & risk management solutions.
“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. Digitalisation, innovation, and utilisation of new and efficient technology are also important means for achieving Linkage Assurance PLC success criteria
“The achievement of these require crafting of a strategic road map that enable us to realise both short- and long-term objectives including achieving desired monthly, quarterly, and annual targets and outcomes.”
Braie, who was represented by the firm’s Chief Financial Officer, Mr. Emmanuel Otitolaiye, said the insurance firm has met the N5 billion minimum capital requirements as mandated in the two phases segmented recapitalisation exercise of the National Insurance Commission (NAICOM).
Speaking during the training programme organised by the association, Braie explained how the company was able to meet the 50% recapitalisation threshold.
He stated 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, 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.
It should be noted that under the two phases segmented NAICOM’s recapitalisation plan, all insurance companies are expected to meet 50% and reinsurance companies 60% of the mandatory recapitalisation requirements on or before December 31, 2020.
The new minimum paid-up Share Capital regime demands that Life insurance operators should raise their minimum paid up share capital from N2 billion to N8 billion; those in General business to jerk up from N3 billion to N10 billion while the reinsurers should increase from N10 billion to N20 billion.
Braie said having met the N5 billion for the first segment, added that the company is working assiduously to ensure that the balance of N5 billion is made available before NAICOM’s September 30, 2021 deadline.
According to 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 31st December, 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.”

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PenCom Approves Full Payment To 2,024 Retirees, 25% To 7,906 Disengaged Workers

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By Sola Alabadan

The National Pension Commission (PenCom) approved Enbloc payment of retirement benefits to 2,024 retirees whose Retirement Savings Account (RSA) balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span.
In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors during the second quarter of the year.
The nation’s pension regulator disclosed this in its latest quarterly report issued recently.
This is in keeping faith with the objectives of the Pension Reform Act 2014 to ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due.
In a related development, the Commission also approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.
This is in accordance with section 7(2) of the Pension Act, which provides that “Where an employee voluntarily retires, disengages or is disengaged from employment as provided for under Section 16(2) and (5) of this Act, the employee may, with the approval of the Commission, withdraw an amount of money not exceeding 25 per cent of the total amount credited to his retirement savings account, provided that such withdrawals shall only be made after four months of such retirement or cessation of employment and the employee does not secure another employment.”

Meanwhile, the Commission also informed that applications were received for transfer of Nigeria Social Insurance Trust Fund (NSITF) contributions on behalf of 332 NSITF contributors.
However, approval was granted to transfer N17,026,367.10 to the Retirement Savings Accounts (RSAs) of 298 members.
On a similar note, PenCom approved monthly pensions in the sum of N62,327,832.97 to 3,629 NSITF pensioners.

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Insurance

4,438 Retirees Choose Programmed Withdrawal, 1,708 Opt For Annuity In Second Quarter

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By Sola Alabadan

The National Pension Commission (PenCom) approved 4,438 requests, comprising 1,406 public (FGN & States) and 3,032 private sector retirees to draw pension through the Programmed Withdrawal mode during the second quarter.
These retirees received a total lump sum of N13,059.79 million, while their total monthly pension amounted to N209.05 million.
PenCom disclosed this in the second quarter report uploaded on the commission’s website recently.
Similarly, the Commission granted approval to 1,708 retirees under the Retiree Life Annuity during the quarter.
A total lump sum of N4,586.16 million was approved for payment to the retirees, while the sum of N12,346.89 million was approved for payment to 14 Retiree Life Annuity Providers as premium in return for total monthly/quarterly annuities of N122.46 million.
In a related development, approvals were granted for payment of death benefits amounting to N6,175.13 million to the legal beneficiaries/administrator of 1,209 deceased employees and retirees. This comprised 835 public (FGN & State) and 374 private-sector employees/retirees.
During the quarter under review, the Commission equally approved enbloc payment of retirement benefits to 2,024 retirees whose RSA balances were N550,000.00 or below and considered insufficient to procure Programmed Withdrawal or Retiree Life Annuity of a reasonable amount for an expected life span. In this regard, a total sum of N527.23 million was paid to the 2,024 retirees from both the public and private sectors.
Besides, the Commission approved the payment of N4,430.37 million to 7,906 RSA holders under the age of 50 years, who were disengaged from work and unable to secure jobs within four months.

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Insurance

CHI Renews Group Accident Cover For insurance, Pension Journalists

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Sola Alabadan

Consolidated Hallmark Insurance(CHI) Plc has again renewed the Group Personal Accident Insurance cover worth N24 million Sum Assured, which was arranged for insurance and pension journalists in Nigeria.

This is part of the company’s Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their civic duties are adequately protected.
The Group Personal Accident Insurance policy covers death, permanent disability and medical expenses.

The policy, now in its 10th year, has been running since 2012, and is renewed annually by the company. The cover, which was renewed on October 1, 2021, is due to expire on September 30, 2022.

The policy cover all members of the National Association of Insurance and Pension Correspondents(NAIPCO) across the country while the company has promised to continue to renew the coverage for the journalists every year.

Speaking on the issue, the group managing director of Chi, Eddie Efekoha, said, this gesture is to show the kind of values and respect his insurance firm has for journalism, believing, journalists, who are the shaper of the society, and by extension, the insurance industry, must be protected.

Journalism, he said, is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.

In the case of the death of any of the concerned journalists, he said, the family of the deceased is entitled to N1 million death benefits. “A journalist who suffers permanent disability in the discharge of his duties will also be entitled to N1 million. The cover provides for medical expenses to the tune of N200,000 per journalist in the case of an accident,” he pointed out.

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