Linkage Assurance grows profit to N2.9b

Linkage Assurance Plc has grown its profit by 431 per cent to N2.9 billion in 2017, from N544.6 million recorded in 2016, while the profit before tax went up by 218 per cent to N3 billion from N942.7 million in 2016 financial year.

During the period under review, the company raised its gross premium written by two per cent to N4.1 billion from N4 billion, while the gross premium income appreciated by six per cent to N4.2 billion from N4 billion in the previous year.

Linkage Assurance, in a statement, disclosed that claims paid in 2017 financial year increased to N1 billion from N613.2 million in 2016, adding that this impacted its underwriting profit, which dropped by 53 per cent to N456.86 million from N980.79 million in the previous year.

It also disclosed that the firm’s total assets went up by 15 per cent to N23.3 billion at the end of 2017 from N20.3 billion in the previous year.

Linkage Assurance stated that it boosted its bottom line from investment income by 260 per cent from N951.4 million in 2016 to N3.4 billion in the review year.

In the statement, the company also said it would continue to review its strategies in line with the political, economic, sociological and technological changes in the industry.