Linkage Assurance Plc as the insurer grew its profit after tax by 431 percent to N2.9 billion from N544.6 million recorded in 2016, while the profit before tax went up by 218 percent to N3 billion from N942.7 million in 2016 financial year.
During the period under review, the insurer raised its gross premium written by two percent to N4.1 billion from N4 billion, while the gross premium income appreciated by six percent to N4.2 billion from N4 billion in the previous year.
Linkage Assurance, in a statement, disclosed that the claims it paid in 2017 business year increased to N1 billion from N613.2 million in 2016, adding that this impacted on underwriting profit, which dropped by 53 percent to N456.86 million from N980.79 million.
It was disclosed that the firm’s total assets went up by 15 percent to N23.3 billion at the end of 2017 from N20.3 billion in the previous year.
Linkage Assurance stated that it boosted its bottom line from investment income by 260 percent from N951.4 million in 2016 to N3.4 billion in the review year.
In the statement, the company said it would continue to refine its strategies in line with the political, economic, sociological and technological changes in the industry.
“Also, we will continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us to achieve our corporate goals and objectives,” the statement disclosed.