Goldlink insurance posts negative assets of 4 billion for 2015

The Tourist Company of Nigeria Plc

Goldlink Insurance plc in its financial report for the year 2015 is reporting 33% decrease in losses to NGN350.2 million compared to NGN529.2 loss million recorded in the financial year 2015.

The insurance company said its gross premium income lowered to NGN2.5 billion in contrast to NGN3.7 billion posted in the previous year while reinsurance expenses rose to NGN472.0 million from NGN395.5 million in the year before.

The company’s net premium income dropped to NGN2.0 billion against NGN3.3 billion in the fiscal year 2014 while investment income NGN41.3 million compared to NGN48.7 million in the year before.

Goldlink insurance said its total assets for the period in review was NGN1.8 billion compared to NGN2.1 billion recorded in the year 2014 while total liabilities was stood still at NGN6.0 billion against NGN6.0 billion in the year before.

Company Information

Goldlink Insurance Plc was incorporated on 15th April, 1992 as a Private Limited Liability Company and granted licence to operate as a full-fledged insurance company on 8th September, 1993. Goldlink was incorporated with an authorised share capital of N10million with fully paid-up capital of N10million.

In readiness for listing on the Nigerian Stock Exchange (NSE), Goldlink converted to a Public Liability Company on 11th May, 2007 and was listed on the NSE by way of introduction on 12th February, 2008. It was incorporated with the share capital of N4.5bn.