Linkage Assurance has improved its Profit After Tax, PAT for the fiscal year 2020 by 65 percent to reach N2 billion against the N1.5 billion it recorded the previous year while the profit Before Tax, PBT for the same year was valued at N2.5 billion, an amount depicting an 89 percent increase from the previous year’s. This was contained in the financial statement made available on the Nigerian stock exchange.
During the fiscal year, the gross premium written grew by 28 percent to close at N8 billion from the previous year’s at N6.5 billion. Similarly, the underwriting profit jumped significantly by 102 percent from the N409 million in 2019 to N826 million in 2020.
The net premium income and net underwriting income for the year 2020 were valued at N4.5 billion and N5 billion compared to the N3.7 and N4 billion which was accounted for the previous year while the investment income declined to N2 billion from N2.2 billion in 2019.
Giving a brief of the financial statement, the insurance provider in an explanatory note said that the firm has shown resilience in spite of the 2020 crises. “notwithstanding the irrepressible impact of COVID-19 pandemic on the economic landscape, the company remained resilience as profit before tax and profit after tax grew by 89 percent and 65 percent to N2.5 billion respectively. Gross Premium Written soared by 28 percent to N8.3 billion in 2020 against N6.5 billion recorded in 2019,” it said.
Reacting to the development, Daniel Braie, MD/CEO, Linkage Assurance said the company’s outstanding performance is not unrelated to the activation of its robust Business Continuity Management (BCM) plan during the lockdown which stimulated continued customer interaction, retention, engagement and satisfaction.
“Our strategy is to consistently grow our revenue and deliver strong returns and excellent customer experience while leveraging on technology, strategic alliances and capabilities to provide world-class insurance and risk management solutions” he said.
He also emphasized on the sustainable insurance solutions which the company is well-positioned to provide to the varying need of the market through its strong capital base, innovative products and digital platforms.
He said, “We will continue to refine our strategy in line with the political, economic, sociological and technological changes in the industry particularly the impact of coronavirus pandemic on the business landscape. We will also continue to develop innovative products, alternative channels of distribution and strategic initiatives that will enable us to achieve our cooperate goals and objectives. With a medium to long term perspective, we believe that the company will have improved growth from these initiatives.”