WorldStage Newsonline– Linkage Assurance Plc has released its unaudited financial statements for the fourth quarter ended 31 December 2020 with 28% increase in gross premium written at N8.332 billion from N6.519 billion in 2019.
The company grew its profit before taxation by 90% to N2.547 billion from N1.339 billion while profit after taxation rose by 34% to N1.942 billion from N1.452 billion in 2019.
The insurance firm identified investment income boost and reduction in claims expenses as the major driver.
In a note accompany the report, the company said, “We will continue to refine our 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.”
On retail products, the company said it had developed and launched a number of retail products which 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.”
