Linkage Assurance Plc says its gross written premium for the first quarter ended March 31, 2022, increased by 16 percent year on year to N4.61 billion, up from N3.98 billion in the same period of 2021.
According to the firm’s statement, the company’s audited result for the quarter revealed an underwriting profit of N193 million, a turnaround from a loss of N480 million in Q1 2021.
It ascribed this to an increase in core business operations, which is attributed to better underwriting judgments, reinsurance optimization, and a more effective claims handling procedure.
According to the statement, profit before tax was N157 million, compared to a loss of N950 million in the first quarter of 2021.
Linkage’s total assets increased by 9% year over year to N42 billion in Q1 2022, up from N38.7 billion in full-year 2021, while total equity increased by 1% to N25.3 billion in FY 2021.
According to management, the company saw an increase in investment income as a result of efficient and effective cash flow and investment portfolio allocation, which boosted the bottom line.
As a key player in the Nigerian insurance industry, Daniel Braie, Managing Director/Chief Executive Officer, said the company was well-positioned to provide sustainable insurance solutions to the market’s various needs through its solid capital foundation, innovative products, and digital platforms.
He said, “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.
“Our guiding principles are our core values and vision. They underpin our desires, ambitions and aspirations aimed at reinforcing the trust of our stakeholders.”
He said the company would also continue to develop innovative products, alternative channels of distribution, and strategic initiatives that would enable it to achieve its corporate goals and objectives.
