…total assets up 26% to N50.2bn
Underwriting firm, Linkage Assurance Plc in the financial year ended December 31, 2023, recorded outstanding growth across all measurement indices, with gross premium written (GPW) rising to N16.33 billion, from N12.98 billion in 2022, indicating a 26 percent growth.
This is contained in the Company’s Unaudited Financial Statements for 2023 filed with Nigeria’s NGX Limited for shareholders and the investing public.
Further breakdown of the result shows that Linkage Assurance Plc came out strong in the outgone year, posting a Profit Before Tax (PBT) of N4.51 billion, a 67 percent increase from N2.70 billion in 2022. This is as Profit After Tax (PAT) rises to N4.22 billion, from N2.57 billion, a 64 percent increase.
The result also shows that the underwriter’s risk management drive in the year under review was upbeat, despite meeting its claims obligation to clients in a year that had a bash impact of rising foreign exchange gap, inflation and high cost of living.
In the review period, the Company recorded an underwriting profit of N705.71 million from N506.12 million in 2022, indicating a 39 percent growth.
It also paid out claims to clients for various losses incurred in the review year, which amounted to N4.49 billion, from N3.09 billion paid out in 2022.
Linkage Assurance also saw outstanding growth in investment income, which rose from N4.87 billion in 2022 to N9.02 billion in 2023. The investment and other operating incomes, according to the company were buoyed by dividend income received from investment in pension business, sundry income from share subscription and foreign exchange gains.
Linkage Assurance Plc’s balance sheet was further strengthened in the review year with total assets rising to N50.52 billion, a 26 percent increase from N39.99 billion in 2022.
Daniel Braie, managing director/CEO of the Company said, that Linkage has continued to deploy strategies in line with its growth plans, remaining on top of its core areas from stronger market share, expanding market size, enhancing customer experience, and making sure there is value creation for its teaming investors and other stakeholders alike.
Linkage Assurance Plc is in business to provide first-class insurance and other financial services to the African Insurance market.
To achieve this, it has deployed exemplary management, best-in-class information technology infrastructure and a well-trained and motivated workforce as vehicle for achieving the superior returns expected by shareholders.