Nigerian underwriting firm Linkage Assurance Plc reported a significant increase in its Gross Written Premium (GWP) for the financial year ended 31st December 2023, as the company’s GWP rose 26 per cent to N16.33 billion, against N12.98 billion in the previous financial period of 2022.
In addition to the impressive increase in Gross Written Premium (GWP), Linkage Assurance Plc also posted strong financial results in terms of Profit Before Tax (PBT) and Profit After Tax (PAT). The company’s unaudited financial statement showed that its PBT increased by 67 per cent to N4.51 billion in 2023, compared to N2.70 billion in 2022. Similarly, its PAT increased by 64 per cent to N4.22 billion in 2023, up from N2.57 billion in the previous year.
Despite the challenging economic environment in Nigeria, including a volatile exchange rate, high inflation, and a rising cost of living, Linkage Assurance Plc was able to effectively manage its risk and meet its claims obligation to clients. The company paid out N4.49 billion in claims to clients for various losses incurred in the review year, which was an increase from the N3.09 billion paid out in 2022.
In addition to its strong performance in terms of revenue and profitability, Linkage Assurance Plc also saw significant growth in its balance sheet in 2023. Its total assets increased by 26% to N50.52 billion, compared to N39.99 billion in the previous year.
Another notable factor in Linkage Assurance Plc’s strong performance in 2023 was the growth in its investment income. The company’s investment income increased significantly from N4.87 billion in 2022 to N9.02 billion in 2023. The company attributed this increase to several factors, including dividend income from its investment in the pension business, as well as sundry income from share subscription and foreign exchange gains
In a statement concerning the company’s performance, Daniel Braie,Linkage Assurance’s managing director and CEO, credited the company’s success to several strategic initiatives. These include expanding its market share, enhancing the customer experience, and creating value for investors and other stakeholders. Braie also noted that the company has been able to maintain a healthy capital adequacy ratio, which has enabled it to remain resilient despite challenging economic conditions. He also expressed confidence that the company will continue to implement its strategies successfully and achieve further growth in the future.