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Chuks Udo Okonta
Underwriting firm, 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 30th September 2020 made available to the Nigerian Stock Exchange (NSE).
According to the statement, Gross Premium Written grew by 29 per cent 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.
Daniel Braie, Managing Director/CEO Linkage Assurance Plc said the Company will 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.
“We will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives. With a medium to long perspectives, we believe that we will benefit from growth in these indicatives, Braie said.
He said the Company has developed and launched a number of retail products. These include Linkage Third Party Plus, which is budget friendly motor insurance that provides not only the compulsory third part protection but an additional own damage protection to the tune of N250,000. This product is only available from our company, Linkage Assurance Plc. Others are Linkage SME Comprehensive, Citadel Shield (which provides compensation as a result of injuries from accident for pupils and students in recognized academic establishments.
Others are Linkage Events Exclusive Insurance, Linkage Shop Insurance, Purple Motor Insurance Plan (comprehensive motor cover exclusively for women), and Linkage Estate Insurance. We are also making efforts to deploy our online portal to make our products and services available to our customers especially the digital savvy customers and enterprises.
“We will consolidate on the gaining initiatives to improve our operational efficiency to reduce the cost of doing business, improve business process, eliminate wastages and achieve higher margins in our core business, the Company told shareholders and the investing public.