Linkage Assurance Grows Q3 Profit to N592m

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Linkage Assurance Plc, said it grew its profit after tax by 601.5 per cent, from N84.385 million in September 2018 to N591.914 million in the same period 2019.

The company also said its profit before tax (PBT) grew by N387.115 million in 2018, to N866.86 million in the review period in 2019.

In the unaudited financial statement submitted to the Nigerian Stock Exchange (NSE), the general business insurer said it achieved a remarkable growth in topline, recording a 17.89 percent increase year-on-year in gross written premium, which showed an improvement from N4.540 billion to N5.352 billion.

Linkage Assurance also said during the period under review, it exhibited high level risk management, as its underwriting profit moved from a negative position of N689,586 million in 2018 to N295.117 million.

In terms of claims payment, the company paid out to its customers that suffered one form of loss or the other during the period, a total of N2.227 billion, which was a 110 per cent increase from N1.107 billion the previous year.

Investors in the company remained upbeat, as earnings per share stood at 7.4 kobo as against 1.1kobo in 2018, showing a 572.75 percent growth.

Total assets of the company remained strong, moving from N23.146 billion in 2018 to N24.630 billion at the end of third quarter 2019.

Managing Director/CEO, Linkage Assurance Plc, Daniel Braie, said key fundamentals of the company remained strong despite the tough operating environment.

He attributed the growth during the review period to hard work and commitment of the board and management in the quest to grow and make the company a competitive brand in the market.

Braie, also said the significant growth in bottom line was largely due to cost optimisation efforts, quality underwriting and increased consumer confidence.

According to him, the company is certain to sustain the performance all through the year, promising that shareholders will have increased value from their investment at the close of business in 2019.