Story by John Edet, Lagos
Linkage Assurance Plc said it recorded a 16 percent growth in profit after tax (PAT) for the half year unaudited financial statement ended 30th June 2019.
The figure rose from N439.77 million in the half year period of 2018 to N572.76 million in the same period in 2019.
According to the financial statement made available to the Nigerian Stock Exchange (NSE), Linkage during the period under review posted a Gross Premium Written (GPW) income of N4.130 billion as against N3.650 b the previous year.
With efficient risk management, the underwriter during the period returned to profitability in underwriting performance, posting a 176percent increase, as the figure moved from negative N367.11 million in 2018 to positive N296.06 million.
Linkage Assurance total assets also grew by 8 percent, moving from N23.146 b to N24.869 b at the end of June 2019.
The company is optimistic that it will sustain this growth all year around, as its growth initiatives already deployed were beginning to add value to performance of the company.
Daniel Braie, Managing Director/CEO of Linkage Assurance Plc said the company has diversified its portfolio to achieve income efficiency with quality risk management, noting that management is actively watching its cost to ensure that it delivers value to shareholders.
In terms of compliance to regulatory requirements, we are up and doing to ensure we remain above board and maintain our position in the industry, Braie said.
Linkage Assurance Plc was incorporated in Nigeria on 26th of March 1991 as a private limited liability company domiciled in Nigeria. It was registered by the National Insurance Commission on the 7th of October 1993 to transact general insurance business and commenced operations in January, 1994.
The company’s high standard in corporate policies and governance are designed to encourage transparency in all its activities as well as ensure the protection of the long term interest of all stakeholders. The business of the Company is conducted with high level of integrity.