BY NKECHI NAECHE -ESEZOBOR—Underwriting firm, Linkage Assurance Plc has recorded a 902 percent growth in profit before tax (PBT) for the fourth quarter (Q4) unaudited financial statement ended 31st December 2019.
The figure rose to N1.4billion as at the end of 31, December, 2019 as against N135million in same period of 2018.
The Underwriting firm, gross premium written also rose by 21 percent from N5.45billion in 2018 to N6.5billion at the end of fourth quarter ended 31, December 2019.
The company’s underwriting profit also rose at fourth quarter(Q4) from operations increased by 149% to N376million in2019 from a loss position of N772million in same period of 2018.
According to the financial statement made available to the Nigerian Stock Exchange (NSE), Linkage during the period under review said there is an increase in investment income by 10% when compared on a YoY basis.
Speaking on the outlook, Daniel Braie, Managing Director/CEO of Linkage Assurance Plc said, it will continue to refine its strategy in line with the political, economic, sociological and technological changes in the industry.
“Also we will 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.”
On operational efficiency, the Linkage Assurance boss said it will consolidate on the going initiatives to improve our operational efficiency so as to reduce the cost of doing business, improve business processes, eliminate wastages and achieve higher margins in our core business.