Linkage Assurance grows PAT by over 600% in Q3
Underwriting firm, Linkage Assurance Plc at the end of third quarter ended 30th September 2019 recorded a significant growth in Profit After Tax (PAT) by 601.5 percent, growing from N84.385 in the same period in 2018 to N591.914 million. The Profit Before Tax (PBT) grew by N387.115 million in 2018 to N866.86 million in the review period in 2019.
In the unaudited financial statement submitted to the Nigerian Stock Exchange (NSE), the general business insurer also saw a remarkable growth in top line, recording a 17.89 percent increase year-on-year in gross written premium, moving from N4.540 billion to N5.352 billion.
Linkage Assurance Plc also during the period exhibited high level risk management, as its underwriting profit moved from a negative position of N689,586 million in 2018 to N295.117 million.
Committed to meeting its obligations as they fall due and providing best in class insurance solutions, the Company paid out to its customers that suffered one form of loss or the other during the period with total claims pay out amounting to N2.227 billion, a 110,17 percent increase from N1,107 billion the previous year.
Investors in the company remain upbeat, as earnings per share stood at 7.4 kobo as against 1.1kobo in 2018, showing a 572.75 percent growth.
Total assets of the company remained strong, moving from N23.146 billion in 2018 to N24.630 billion at the end of third quarter 2019.
Daniel Braie, Managing Director/CEO Linkage Assurance Plc said key measurement fundamentals of the company remain strong despite the tough operating environment.
He attributed the growth during the review period to hard work and commitment of the board and management in the quest to grow and make the company a competitive brand in the market.
Braie also said that the significant growth in bottom line was largely due to cost optimization efforts, quality underwriting and increased consumer confidence.
According to him, the company is certain to sustain the performance all through the year, promising that shareholders will have increased value from their investment at the close of business in 2019.
