16% Increase In Profit Recorded By Linkage Assurance In Q1 2022

A statement from Linkage Assurance Plc has revealed that its gross written premium rose by 16 percent year-on-year for the first quarter ended March 31, 2022, to N4.61bn, from N3.98bn in the same period of 2021.

The statement from the firm said the company’s audited result for the period revealed an underwriting profit of N193m, a turnaround performance compared to a N480m loss as of Q1 2021.

This was attributed to improvement in core business activities on the backdrop of healthy business underwriting decisions, reinsurance optimisation, and efficient claims management process.

According to the statement, the company’s profit before tax was N157m, compared to a N950m loss before tax in Q1, 2021.

Linkage’s total assets rose to N42bn in Q1, 2022, from N38.7bn in full year 2021, representing nine percent YoY growth, while total equity stood at N25.3bn, a one percent YoY growth compared to N25.1bn in FY 2021.

The management explained that the business witnessed growth in investment income through efficient and effective allocation of cash flows and investment portfolios, which served as a boost to the bottom line.

Daniel Braie, the Managing Director/Chief Executive Officer, said, as a leading player in the Nigerian insurance industry, the company was well-positioned to provide sustainable insurance solutions to the varying needs of the market through its strong capital base, and innovative products, and digital platforms.

“Our strategy is to consistently grow our revenue and deliver strong returns and excellent customer experience while leveraging on technology, strategic alliances, and capabilities to provide world-class insurance and risk management solutions.

“Our guiding principles are our core values and vision. They underpin our desires, ambitions, and aspirations aimed at reinforcing the trust of our stakeholders.”