05 Nov Linkage Assurance grows assets to N32.9b
Linkage Assurance Plc, has grown its total assets to N32.9 billion at the end of third quarter 2020, a 14.63 percent increase from N28.7 billion in the same period in 2019.
This is contained in the company’s unaudited financial statement for the period ended September 30, 2020 made available to the Nigerian Stock Exchange (NSE).
According to the statement, Gross Premium Written grew by 29 percent to N6.9 billion from N5.4 billion in September 2019. The Company also recorded underwriting profit of N374.2 million, up 27 percent from N295.1 percent when compared to prior year.
Profit Before Tax stood at N1.53 billion as at September 2020 against N866.86 million in the prior period, the major driver being increase in net premium, reduction in net claims expense and investment income.
This is as Profit After Tax (PAT) also grew to N1.12 billion during the review period as against N591.91 million the same period in the previous year.
Net underwriting income was N3.49 billion as against N3.27 billion in 2019.
The Managing Director/CEO, Linkage Assurance Plc, Daniel Braie, said the company would continue to refine its strategy in line with the political economic, sociological and technological changes in the industry particularly the impact of Coronavirus (COVID-19) pandemic on the business landscape.