Despite challenging economic environment, Linkage Assurance Plc realized a growth trajectory in its Gross Written Premium for the first quarter, which ended March 31st 2022, to N4.61billion, from N3.98billion in the same period in 2021.
According to the company’s audited result for the period underwriting disclosed a profit of N193 million, a turnaround performance compared to N480 million loss as at Q1 2021.
The firm attributed this to improvement in core business activities on the backdrop of healthy business underwriting decisions, reinsurance optimization and efficient claims management process.
The company’s Profit Before Tax (PBT) stood at N157million, compared to N950 million loss before tax in Q1 2021, while total asset rose to N42 billion in Q1 2022 from N38.7 billion in full year 2021, representing 9 per cent YoY growth.
Total equity stood at N25.3billion, a 1 percent YoY growth, compared to N 25.1bn in FY 2021.
The firm also 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.
Linkage Assurance MD/CEO, Daniel Braie, responds by saying that, 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.” Braie said.