WorldStage Newsonline– Linkage Assurance Plc, a major player in the non-life insurance business has blamed increased claims expenses, FV loss on Bond investments for its N3.99 billion loss after taxation in 2021 from N2.395 billion profit in 2020.
The company’s annual report for the year ended 31 December 2021 showed that gross premium written grew by 34% to N11.16 billion as at December 2021 from N8.33 billion recorded in prior year comparative.
The company suffered an underwriting loss of N2.5 billion as a result of increased technical expenses. Loss before tax stood at N3.9 billion as at December 2021 against a profit of N2.5 billion in the prior period.
On its outlook, the company said, “we will continue to refine our strategy in line with the political, economic, sociological and technological changes in the industry.
“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.”
