Linkage Assurance Plc has announced 16 per cent year-on-year (YoY) growth in Gross Written Premium for the first quarter, which ended March 31st 2022, to N4.61billion, from N3.98billion in the same period in 2021.
The company’s audited result for the period shows an underwriting profit of N193 million, a turnaround performance compared to N480 million loss as at Q1 2021, and this has been attributed to improvement in core business activities on the backdrop of healthy business underwriting decisions, reinsurance optimization and efficient claims management process. Profit Before Tax (PBT) stood at N157million, compared to N950 million loss before tax in Q1 2021.
The company’s total asset rose to N42 billion in Q1 2022 from N38.7 billion in full year 2021, representing 9 percent YoY growth, just as total equity stood at N25.3billion, a 1 percent YoY growth, compared to N 25.1bn in FY 2021.
According to the management, the business witnessed a tremendous growth in investment income through efficient and effective allocation of cash flows and investment portfolios, which served as a boost to the bottom line.
In a remark, its MD/CEO, Daniel Braie, said, as a leading player in the insurance industry, the company is well positioned to provide sustainable insurance solutions to the varying needs of the market through its strong capital base, 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 & risk management solutions.”