Linkage Assurance nets N573m in half-year report

Linkage Assurance Plc has recorded a 16 per cent growth in Profit After Tax (PAT) for the half-year unaudited financial statement ended June 30, 2019.

The figure rose from N439.77 million in the half year period of 2018 to N572.76 million in the same period in 2019.

According to the financial statement made available to the Nigerian Stock Exchange (NSE), the underwriting company, during the period under review, posted a Gross Premium Written(GPW) income of N4.130 billion as against N3.650 billion the previous year.

With efficient risk management, the underwriter during the period returned to profitability, posting a 176 per cent increase, as the figure moved from negative N367.11 million in 2018, to positive N296.06 million.
Its total assets also grew by eight per cent, moving from N23.146 billion to N24.869 billion at the end of June 2019.

The Managing Director/Chief Executice Officer, Daniel Braie, said the company has diversified its portfolio to achieve income efficiency with quality risk management, noting that management is actively watching its cost to ensure that it delivers value to shareholders.

In terms of compliance to regulatory requirements, “we are up and doing to ensure we remain above board and maintain our position in the industry, he said.