Linkage Assurance records N1.4bn Profit before Tax in Q4

By InstinctBusiness Feb 12, 20200

Linkage Assurance Plc has declared improvements in both top and bottom-lines for the fourth quarter (Q4) ended December 31, 2019, with Profit Before Tax (PBT) growth of 1.35 billion as against N134.7 million in 2018; indicating a 902 per cent increase.

According to the 2019 unaudited financial report of the firm obtained from the Nigerian Stock Exchange (NSE), it revealed that Profit After Tax (PAT) grew to N930.24 million, a 421 per cent increase from a loss position of N290.12 million during the same period in 2018.

The company’s Gross Written Premium (GWP) also witnessed a 21 per cent rise to N6.52 billion as against N5.59 billion recorded in 2018, while its total assets appreciated by 7 per cent to close at N24.72 billion in 2019, as against N23.15 billion in 2018.

In the same vein, underwriting profit rose by 149 per cent to close at N375.622 million for the period under review as against loss position of N772.48 million recorded in 2018, while investment also grew by 10 per cent, moving from N2.46 billion in 2018 to N2.71 billion in 2019.

Commenting on the year’s performance, Managing Director/CEO, Linkage Assurance Plc, Daniel Braie, stated the sterling performance came from improved underwriting achievement, as well as from investment returns, which saw the company coming out stronger during the review period.

Braie said the firm will continue to refine its strategy in line with the political, economic, sociological and technological changes within the operating environment as well as continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable it achieve its corporate goals and objectives.

He further revealed that, “With a medium-to-long term perspective, the company believes that it will benefit from growth from these initiatives.

“We will consolidate on the ongoing initiatives to improve our operational efficiency so as to reduce the cost of doing business, improve business processes, eliminate wastages and achieve higher margins in our core business”.