Linkage Assurance grows profit to N1.465b in first half of 2022
By EDU ABADE, Business Editor
In spite the challenging business environment, Linkage Assurance Plc has delivered strong performance and returned to profitability in the first half of 2022.
In a statement to the Nigerian Stock Exchange and shareholders on the unaudited result for the second quarter ended June 30, 2022 it recorded a Profit Before Tax (PBT) of N1.465 billion from a negative position of N2.111 billion in the corresponding period of last year.
Its Profit After Tax (PAT) also closed at N1.392 billion at the end of June 2022, as against N2.090 billion loss it recorded during the same period in 2021.
In a statement jointly signed by Chairman of the Board, Chief Joshua B. Fumudoh, Managing Director and Chief Exeutive Officer (MD/CEO), Daniel Braie and Chief Financial Officer (CFO), Emmanuel Otitolaiye, Linkage Assurance Plc recorded a written gross premium of N8.303 billion in the period from N6.952 billion in the previous year.
During the period, the company also recorded a net underwriting income of N3.515 billion from N2.703 billion in 2021, while the underwriting profit stood at N231.28 million from a loss position of N1.027 billion.
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The company attributed the growth in underwriting profit to quality risks management and prudence in risks selection, even as it continued to meet its claims obligation promptly to its customers.
It also paid N1.422 billion on claims to its customers that suffered one loss or the other during the half year period, from N3.989 billion the previous period.
Braie, who told shareholders at its last Annual General Meeting (AGM) in Lagos that the company was going in a positive direction, as shown in its quarter by quarter performance in the current year, assured that management was doing everything possible to ensure that its underwriting and risks management strategies were adequately deployed to achieve a healthy and stronger bottom line at year end.
Meanwhile, Linkage Assurance Plc’s total assets continues on its robust mood, standing at N44.508 billion at the end of half year, from N38.71 billion in 2021, indicating a growth of 14.98 per cent.
Management of Linkage says it will continue to refine its strategy in line with the political, economic, sociological and technological changes in the industry particularly the impact of the COVID-19 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 term perspective, we believe we will benefit from the growth, as a result of the initiatives,” Braie said.
