Linkage Assurance Plc posted 16 per cent year-on-year (YoY) growth in Gross Written Premium(GWP) of N4.61 billion for the first quarter ended 31st March, 2022. This was a significant growth from N3.98 billion posted in the same quarter in 2021.
The company’s audited result for period revealed 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 optimisation and efficient claims management process.
Profit Before Tax was N157 million, 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 in full year 2021, representing nine per cent YoY growth, just as total equity stood at N25.3 billion, a one per cent YoY growth, compared to N25.1 billion 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 his remark, the MD/CEO, Daniel Braie said, as a leading player in the Nigerian 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.
“Our guiding principles are our core values and vision. They underpin our desires, ambitions and aspirations aimed at reinforcing the trust of our stakeholders,” he pointed out.
He said, the company will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable the firm achieve its corporate goals and objectives. With a medium-to-long term perspective, he believes the company will have improved growth from these initiatives.
“In line with our corporate ambition, we will continue to leverage on technology, committed workforce and strong capital base to increase market share, enhance corporate visibility, and achieve operational excellence towards a more viable and successful company,” Braie said.