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Linkage Assurance Plc at the end of third quarter ended September 31, 2019 recorded a 65 per cent growth in Profit After Tax (PAT) from N84.385 in 2018 to N591.914 million in 2019.
Likewise, the underwriting firm’s Profit Before Tax (PBT) grew by N387.115 million in 2018 to N866.86 million in the period under review.
In the unaudited financial statement submitted to the Nigerian Stock Exchange (NSE), the general business insurer also reported growth in its top line, recording a 17.89 per cent increase year-on-year in gross written premium, moving from N4.540 billion to N5.352 billion.
According to the statement, the company also exhibited high level risk management, as its underwriting profit moved from a negative position of N689,586 million in 2018 to N295.117 million.
Committed to meeting its obligations as they fall due and providing best in class insurance solutions, the company indemnified its customers that suffered losses during the period as its total claims paid out amounted to N2.227 billion, a 110,17 per cent increase from N1,107 billion in the previous year.
Investors in the company remain upbeat, as earnings per share stood at 7.4 kobo as against 1.1kobo in 2018, showing a 572.75 per cent growth, while the Total assets of the company increased from N23.146 billion in 2018 to N24.630 billion for the period.
Commenting on the performance, its Managing Director/CEO, Daniel Braie, said key measurement fundamentals of the company remain strong despite the tough operating environment.
Braie attributed the growth to hardwork and commitment of the board and management in the quest to grow and make the company a competitive brand in the market, adding that the significant growth in bottom line was largely due to cost optimisation efforts, quality underwriting and increased consumer confidence.
According to him, the company is certain to sustain the performance all through the year, promising that shareholders will have increased value from their investment at the close of business in 2019.
