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By Henry Uche
Underwriting firm, Linkage Assurance Plc has reported a 34 percent growth in gross premium written (GPW) in the 2021 financial year despite the challenging business environment.
The underwriting firm grew its GPW from N8.33 billion in 2020 to N11.16 billion in the year under review as contained in its unaudited financial statements for the period ended 31 December 2021 made available to the Nigerian Exchange Group (NGX). Its gross premium income was N10.57 billion as against N7.95 billion in 2020, a 33 per cent increase.
Linkage, during the period, sustained efforts at growing its balance sheet, as total assets grew to N34.85 billion, as against N33.88 billion in 2020.
The year under review was challenging in terms of technical underwriting, pushing net claims ratio up 71 percent from 31 percent in 2020 largely due to major claims paid during the period such as claims arising from End-SARs protests and catastrophic losses in Oil & Gas and manufacturing sectors.
Management of Linkage says it 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 term perspective, we believe that we will benefit from growth in these initiatives,” Daniel Braie, MD/CEO of Linkage stated.
