Linkage Assurance Plc, says it has grown its total assets to N32.9 billion at the end of third quarter 2020, indicating a 14.63 per cent increase from N28.7 billion in the same period in 2019.
The company’s unaudited financial statement for the period ended September 30, 2020, sourced from the Nigerian Stock Exchange (NSE) revealed that gross premium grew by 29 per cent to N6.9 billion from N5.4 billion in September 2019, while the underwriting profit increased by 27 per cent to N374.2 million from N295.1 percent recorded the previous year.
The company’s Profit Before Tax (PBT) stood at N1.53 billion against N866.86 million recorded last year for the same period, Profit After Tax (PAT) also grew to N1.12 billion from N591.91 million recorded the previous year while net underwriting income stood at N3.49 billion as against N3.27 billion in 2019. The statement explained that the major driver of the growth were increase in net premium, reduction in net claims expense and investment income.
Commenting on the performance, the Managing Director/CEO of the firm, Daniel Braie, said it will continue to refine its strategy in line with the political economic, sociological and technological changes in the industry particularly in line with the impact of coronavirus pandemic on the business landscape.
“We will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives. With a medium to long perspective, we believe that we will benefit from growth in these indicatives,” he said.
Braie disclosed that the company has developed and launched a number of retail products which included; Linkage Third Party Plus, which is budget friendly motor insurance that provides not only the compulsory third part protection but an additional own damage protection to the tune of N250,000; Linkage SME Comprehensive, Citadel Shield (which provides compensation as a result of injuries from accident for pupils and students in recognized academic establishments.
Others are; Linkage Events Exclusive Insurance, Linkage Shop Insurance, Purple Motor Insurance Plan (comprehensive motor cover exclusively for women), and Linkage Estate Insurance.
“We are also making efforts to deploy our online portal to make our products and services available to our customers, especially the digital savvy customers and enterprises.
We will consolidate on the gaining initiatives to improve our operational efficiency so as to reduce the cost of doing business, improve business process, eliminate wastages and achieve higher margins in our core business, the company told shareholders and the investing public,” he said.