WorldStage Newsonline– Linkage Assurance Plc, a major player in the non-life insurance business has released its unaudited financial statements for the period ended 30 September 2020 with gross premium written growing by 29% to N6.9 billion from N5.4 billion in September 2019.
The company recorded an underwriting profit of N374 million, up by 27% when compared with prior year while profit before tax (PBT) stood at N1.53 billion as at September 2020 against N867million in the prior period, with the major driver being increase in net premium income, reduction in net claims expenses and investment income.
In the statement relased at the Nigerian Stock Exchange on Monday, the company said it will continue to refine its strategy in line with the political, economic, sociological and technological changes in the industry particularly the impact of Coronavirus (COVID-19) pandemic on the business landscape.
“We will also 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,” the company said.
On retail products, the company said it had “developed and launched a number of retail products. These include the 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. Others are the Linkage SME Comprehensive, Citadel Shield (which provides compensation as a result of injuries from accident for pupils and students in recognized academic establishments). Linkage Events Xclusive Insurance, Linkage Shop Insurance, Purple Motor Plan (comprehensive motor cover exclusively for women), and the Linkage Estate Insurance. We are also making efforts to deploy our online portal to make our products and services available to our customers especially the digital savvy customers and enterprises.”
On operational efficiency, it said “We 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.”
Linkage Assurance was incorporated in Nigeria on 26th of March 1991 as a private limited liability company domiciled in Nigeria. It was registered by the National Insurance Commission on the 7th of October 1993 to transact general insurance business and commenced operations in January, 1994. The Company became a public limited liability company in 2003 and the Company’s shares, which were quoted on the Nigerian Stock Exchange were first listed on 18
November 2003.
