Linkage Assurance grows profit by 902 % in Q4

Underwriting firm, Linkage Assurance Plc has recorded sterling improvements in both its top and bottom-lines for the fourth quarter ended 31^st 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 BeforeTax (PBT) growth of 902 percent, 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 percent 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.

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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.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.