Business

Linkage gross premium up 28% to N8.3 billion

Underwriting firm, Linkage Assurance Plc has released its 2020 audited financial result, posting a gross premium written of N8.3 billion, an increase of 28 percent from N6.5 billion in 2019.

Total assets also rose by 18 percent in 2020 to N33.9 billion, compared to N28.7 billion in 2019.

The company witnessed significant improvement in other indices, with underwriting profit growing by 102 percent, from N0.4 billion in 2019 to N0.8 billion at the end of last year.

According to the company, the was as result improvement in core business activities on the backdrop of healthy business underwriting decisions, reinsurance optimisation and efficient claims management.

Despite the COVID-19 pandemic on economic landscape, the Company remained resilient, recoding a profit before tax of N2.5 billion, compared to N1.3 billion in 2019 representing 89 percent YoY growth, while profit after tax was N2.4 billion, increasing by 65 percent from N1.5 billion in 2019.

From this profit, the company will be proposing for approval at her Annual General Meeting (AGM) a bonus share issue amounting to N2 billion (of 4 billion ordinary shares at 50k per share) and a cash dividend of N0.05 per share (amounting to N500 million), to shareholders.

The Managing Director, Daniel Braie said: “The company’s outstanding performance was hinged, amongst others, on activation of a robust Business Continuity Management (BCM) Plan during COVID-19 lockdown which stimulated continued customers’ interaction, retention, engagement, and satisfaction. 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  and risk management solutions,” he maintained. Nation.

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