Daily Independent (Lagos)
18 November 2008
Goldlink Insurance Plc has announced a profit of N696 million in its operation in the third quarter ended September 30, 2008, the company's Managing Director, Femi Okunniyi, said.
The figure represents an increase of 27 per cent over the figure of N549 million recorded in the corresponding period in 2007.
The unaudited report of the insurance company for the nine months period reveals that it also recorded a profit after tax of N620 million compared with N490 million recorded in 2007. This represents an increase of 26 per cent.
Okunniyi further stressed that the third quarter result indicates that the profit figure is far in excess of the entire profit that the underwriting firm had generated in year 2007.
Another major development in the company is the increment in its shareholders' funds from N5.9 billion in 2007 to N7.3billion in 2008. Also, the total assets of the company now stand at N9.7 billion as against N7.3billion in 2007, a growth by 33 percent.
The Goldlink boss noted that the result which has been announced on the floor of the Nigeria Stock Exchange surpassed projections for the period. He is hopeful that this development will further boost the confidence of investors in Goldlink.
Observers of the industry have attributed this impressive performance to the dedication of the company's manpower and significant improvement in its processes.
Goldlink is one of the underwriting firms that scaled the last recapitalisation hurdle in the nation's insurance industry. It is a composite insurance firm with licences to underwrite general insurance, special risks and life businesses.
Goldlink Insurance plc was incorporated with an authorised share capital of N5.3 b with a fully paid-up of N5.1 billion. This places the outfit as one of the highly capitalised insurance companies in the country.
The company is licensed to underwrite all classes of insurance these include, Fire and Special Perils, Consequential Loss, Burglary, All classes of Bonds, Money Insurances, Goods-in-Transit, Group Personal Accident, Workmen's Compensation, Marine Insurance, Engineering Installation, Erection All Risks, Household/House Owner Policies, All classes of Motor Business, Life and Pension Business.
To enhance its efficiency, all operations of Goldlink are computerised from inception. This enables it to swiftly respond to its clients various and dimensional insurance problems.
In appreciation of the fact that claim is the acid test of insurance competence, Goldlink maintains a department with experienced professional who have handled major losses in the industry, to resolve issues concerning claims within 48 hours upon full documentation.
Apart from hitech and traditional insurance business, Goldlink says it has embarked on a leadership role in the insurance industry through the introduction of new products and innovation that will satisfy the peculiar needs of all its customers.
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