• Tuesday, July 16, 2024
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Linkage Assurance gross written premium up 16% to N12.98bn

Linkage Assurance records growth across key indices in FY’23

Amidst tough operating environment in the 2022 financial year, Linkage Assurance Plc has recorded positives in all performance indices.

In the 2022 full-year financial results made available to the investing public and published on NGX Limited, Linkage Assurance Plc recorded a gross written premium (GWP) of N12.98 billion, as against N11.16 billion in 2021, a 16 percent increase.

Able to effectively manage its risks during the review year, the underwriting firm also recorded N506.162 million underwriting profit, a growth of 120 percent when compared with the figure in 2021.

Linkage Assurance also strengthened its bottom line with Profit Before Tax (PBT) N2.696 billion, and Profit After Tax closing at N2.567 billion.

With full maximisation of its investment returns, Linkage Assurance saw income from investment boosting bottom line stronger after a successful underwriting year.

Total assets at the end of the review year stood at N39.998 billion, a 3 percent increase from N38.710 billion in the previous year.

Daniel Braie, managing director/CEO, Linkage Assurance Plc commenting on the performance of the Company said the underwriting firm has continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.

He said the Company is focused on maximising its potential in key segments of the market where it plays strongly and would continue to ensure it creates value for its teaming shareholders.

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“As an organization, we shall continue to refine our strategy in line with our strategic focus for the year and theme. Our theme for 2023 is “Consolidation”, and this informs our strategic intent along the four pillars of Business growth, Operational excellence, financial excellence, and Customer & People.”

Braie said the company has identified a strategic focus, which will guide it as a compass in her quest to navigate through the highly competitive insurance market to increase market share in the most profitable sectors and offer excellent customer experience to all its clients.

“As part of our agile strategy, we shall leverage the technology to improve our products and services, especially to our direct and personal clients. This is also part of digital transformation initiatives.”

Also, having recognized the impact of certain product lines like motor insurance on our portfolio, we are positioned to offer our clients different options of motor insurance according to their risk exposure(s), willingness and ability to pay, Braie said.

Linkage Assurance Plc. is in business to provide first-class insurance and other financial services to the Nigerian Insurance market. To achieve this, it has deployed exemplary management, best-in-class information technology infrastructure, and well trained and motivated workforce as a vehicle for achieving the superior returns expected by shareholders.