Linkage Assurance maintains strong growth as PAT grows 167% in Q1
Linkage Assurance Plc is set for a strong growth this year as major indices, according to the Company’s unaudited first quarter results for the period ended 31 March 2017, show a significant increase over the period in 2016.
The results released at the Nigerian Stock Exchange (NSE) shows a 167 percent growth in Profit Before Tax (PBT), which rose from N665.68 million in 2016 to N1.78 billion during the review period, while Profit After Tax (PAT) also inched remarkably by 167 percent to N1.42 billion in the review period against N532.55 million in 2016.
Linkage also grew its investment income by 993.5 percent from N125.01million in 2016 to N1.37 billion in 2017.
The Company’s gross premium written rose by 9.3 percent from N1.61 billion in the previous year to N1.76 billion at the end of first quarter 2017. While shareholders fund moved up by 8.07 percent from N17.57 billion in 2016 to N19.0 billion in 2017 and the company’s assets rose by 10.22 percent from N20.62 billion in 2016 to N23.14 billion in the review period.
Thus, the company is optimistic that this growth will be sustained for the remaining part of the year and hopes for good returns on investment to its shareholders.
At the last financial year ended 31 December 2016, Linkage Assurance achieved a 7 percent growth in profit after tax, from N508.42 million in 2015 to N544.56 million in 2016.
Its underwriting profit was a resounding indication of good underwriting and risk management capabilities, as the figure grew 56773 percent to N720 million in 2016 as against N1.27 million in 2015.
Pius Apere, Managing Director/CEO, Linkage Assurance Plc., said “the company 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.”
In addition, Apere said “the company 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”.
According to him, Linkage Assurance recently launched a number of retail products which include Linkage Third Party Plus, which is a budget friendly motor insurance that provides not only the compulsory Third party protection but an additional own damage protection to the tune of N250,000. “This product is only available from our Company, Linkage Assurance Plc.
Other products are the Linkage SME Comprehensive, Citadel Shield – which provide compensation to pupils and students in recognized academic establishments for injuries sustained from accident; Linkage Events Xclusive Insurance, Linkage Shop Insurance, Purple Motor Plan – a comprehensive motor cover exclusively for women, and the Linkage Estate Insurance.
Apere also disclosed that the company was also making efforts to deploy her online portal to make its products and services available to its customers especially the digital savvy customers and enterprises.
Modestus Anaesoronye