Despite the not-too-clement business ecosystem of the past year and early part of this year, Linkage Assurance Plc , one of the foremost Underwriting firms, has turned in an impressive 16% year-on-year (YoY) growth in Gross Written Premium.
This result is for the first quarter of the year, ended 31stMarch 2022.
Linkage ‘s books indicate a leap from N3.98 billion figure for the same period in 2021 to N4.61 billion in 202.
According to a statement from the Daniel Braie-led management, the company’s business witnessed a tremendous growth, fueled majorly by growth in investment income, more efficient processes and deliberate efforts to keep down costs.
Braie, Managing Director/CEO of Linkage Assurance Plc., said that 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 and risk management solutions.”
He added: “Our guiding principles are our core values and vision. They underpin our desires, ambitions and aspirations aimed at reinforcing the trust of our stakeholders…“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,” .
The company’s audited results for the period under review reveals an underwriting profit of N193 million, a quantum leap from the N480 million loss it recorded as at first quarter of 2021.
The Linkage management attributed this impressive turnaround to improvement in core business activities, as well as healthy business underwriting decisions, reinsurance optimisation and efficient claims management process.
Expectedly too, Profit Before Tax (PBT) was N157 million, as against N950 million loss in Q1 2021.
Meanwhile, the company’s total assets rose to N42 billion in the First Quarter of 2022, from the N38.7 billion at the end of the 2021 full year. This represents a 9 percent Year on Year growth.
Total equity has also inched up by a percentage gain against the 2021 figure. It now stands at N25.3 billion ⁸