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INSURANCE & PENSIONSNEWSLETTER

Linkage Assurance Posts 5.5% Profit Plunge

Linkage Assurance Plc has released its interim financial statements, for the period ended 30th September 2016, showing a profit of N616.1 million, a 5.5 percent drop from N651.8 million posted as profit for the corresponding period of 2015.

The company’s results released on the Nigerian Stock Exchange (NSE) also showed that net premium income of N2.3 billion was realized for the period, signifying a 37.3 percent growth from N1.7 billion recorded as net premium for the same period of 2015.

Management expenses of the company however grew by 3 percent to N794.7 million from N770.1 million, negatively impacting profit before tax that dropped 5.5 percent to N770.1 million from N814.7 million recorded for the corresponding period of 2015.

The company attributed management expenses to be expenses other than claims, investments and underwriting expenses to include employee benefits, depreciation charges and other operating expenses. Management expenses are charged to profit or loss when the goods are received or services rendered.

Meanwhile, the company’s shareholder’s funds settled at N16.9 billion, recording an appreciation of 4 percent from N16.3 billion recorded as at 31st December 2015.

Total Assets grew by 6.7 percent to N21.3 billion from N19.9 billion while Total liabilities settled at N4.3 billion from N3.7 billion.

Linkage Assurance was recently named along with Equity Assurance and Universal Assurance as listed companies to exit the NSE Insurance Index, following the Nigerian Stock Exchange’s (NSE) bi-annual review of the composition of sectoral indices, Worldstage reports.

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