Q3: Linkage Assurance Grows Insurance  Revenue by 61%

Ebere Nwoji

Linkage Assurance Plc has said it achieved 61 per cent rise in insurance revenue at the end of third quarter 2024.

This was disclosed in the unaudited financial statements of the company for the period ended September 30, 2024 submitted to the NGX Limited.

The statement showed that the company’s  year-on-year insurance revenue grew to N16.43 billion from N10.22 billion recorded at the same period in 2023.

The Insurance Service Result, which underscored the firm’s prudence and risks management capabilities rose by a significant 261 percent to close at N723.57 million in the review period,  as against N200.37 million the previous year.

Linkage Assurance Plc also achieved significant growth in investment and other incomes, rising by 26 percent, from N5.59 billion in 2023 to N7.07 billion in the review period.

Profit Before Tax (PBT) at the end of third quarter 2004 stood N4.38 billion, from N3.65 billion in third quarter 2023, showing a 20 percent increase, while Profit After Tax (PAT) also grew by 22 percent to N4.16 billion, as against N3.41billion in Q3 2023.

The company’s Managing Director/CEO,  Mr Daniel Braie, commenting on the accounts said: “As an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme.”

“Our theme for 2024, is Consolidation and this informs our strategic intent along the four pillars of business growth, operational excellence, financial excellence, and Customer and People”, the CEO said.

He said during the year the identified strategic focus would  guide as compass in the  quest to navigate through the highly competitive insurance market to increase the firm’s market share in the most profitable sectors and offer excellent customer experience to all our clients.”

Braie said part of the company’s agile strategy would be to leverage on technology to improve products and services especially to direct and personal clients.