Linkage Assurance raises profit by 902%

Linkage Assurance Plc said that it recorded significant improvements in both its top and bottom-lines for the fourth quarter ended 31st December 2019, despite the harsh operating environment.

In the company’s unaudited fourth quarter report submitted to the Nigerian Stock Exchange (NSE), Linkage Assurance Plc posted a Gross Written Premium(GWP) of N6.52 billion as against N5.59 billion during the same period in 2018, indicating a 21 percent increase.

From the business generated in 2019 review period, the company also recorded a Profit Before Tax (PBT) growth of 902 per cent, moving from N134.7 million in 2018 to N1.35 billion during the review period.

Profit AfterTax (PAT) also grew to N930.24 million, a 421 per cent increase from a loss position of N290.12 million during the same period in 2018.

The sterling performance according to the company has come from improved underwriting performance, as well as from investment returns, which saw the company coming out stronger during the review period.

Underwriting profit rose by 149 percent to close at N375.622 million during the review period, as against loss position of N772.48 million the previous year, while investment also grew by 10 percent, moving from N2.46 billion in 2018 to N2.71 billion in 2019.

The Company’s total assets also appreciated by 7 percent to close at N24.72 billion, as against N23.15 billion in 2018.

In the statement to the NSE, Daniel Braie, managing director/CEO, Linkage Assurance Plc said the Company will continue to refine its strategy in line with the political, economic, sociological and technological changes within our operating environment.

Braie also said that the company will continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives.”

“With a medium-to-long term perspective, the company believes that it will benefit from growth from these initiatives.”

“We will consolidate on the ongoing initiatives to improve our operational efficiency so as to reduce the cost of doing business, improve business processes, eliminate wastages and achieve higher margins in our core business, the Company said.