Linkage Assurance Grows Profit by 120%
Ebere Nwoji
Linkage Assurance Plc said it recorded positives in all performance indices in its business outing for the year ended December 31, 2023.
The company said this was achieved amidst tough operating environment it waded through in the financial year 2022.
The company during the period recorded gross written premium (GWP) of N12.98 billion, as against N11.16 billion in 2021, a 16 percent increase.
The underwriting firm said it was able to effectively manage its risks during the review year, announcing N506.162 million underwriting profit, showing growth of 120 percent when compared with the figure in 2021.
Linkage Assurance also said it strengthened its bottom-line with Profit Before Tax (PBT) of N2.696 billion, and Profit After Tax closing at N2.567 billion.
With full maximisation of its investment returns, Linkage Assurance saw income from investment boosting bottom-line stronger after a successful underwriting year.
Total assets at the end of the review year stood at N39.998 billion, a 3 percent increase from N38.710 billion in the previous year.
Managing Director/CEO, Linkage Assurance Daniel Braie commenting on performance of the Company said the underwriting firm had continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.
He said the Company was focused on maximising its potential in key segments of the market where it plays strongly and would continue to ensure it creates value for its teaming shareholders.
“As an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme. Our theme for 2023 is “Consolidation”, and this informs our strategic intent along the four pillars of Business growth, Operational excellence, financial excellence, and Customer & People.”
Braie said the company had identified strategic focus, which would guide it as compass in the quest to navigate through the highly competitive insurance market to increase market share in the most profitable sectors and offer excellent customer experience to all its clients.
