Linkage Assurance Plc, has recorded underwriting profit of N193 million in Q1, 2022 as against N480 million loss recorded same period in 2021.
The firm attributed the turnaround performance to healthy business underwriting decisions, reinsurance optimisation and efficient claims management process.
It report also showed that its gross written premium rose by 16 per cent year-on-year for the first quarter ended 31st March 2022 to N4.61bn, from N3.98bn in the same period of 2021.
The company’s profit before tax was N157 million compared to N950 million loss before tax in Q1, 2021.
Linkage’s total asset rose to N42bn in Q1, 2022, from N38.7bn in full year 2021, representing nine per cent YoY growth, while total equity stood at N25.3bn, a one per cent YoY growth compared to N25.1bn in FY 2021.
According to the management, 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.
The Managing Director/Chief Executive Officer, Daniel Braie, 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, innovative products, and digital platforms.
He said, “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.”
He said the company would also continue to develop innovative products, alternative channels of distribution and strategic initiatives that would enable it to achieve its corporate goals and objectives.