Business

…Linkage Assurance up 28% to N8.3bn

Linkage Assurance Plc has posted a gross premium written of N8.3 billion, an increase of 28 per cent YoY from N6.5 billion in 2019, while total assets also rose by 18 per cent YoY in 2020 to N33.9 billion, compared to N28.7 billion in 2019.

 

The company also witnessed significant improvement in other indices, with underwriting profit growing by 102 per cent, from N0.4 billion in 2019 to N0.8 billion at the end of 2020, and this was as result improvement in core business activities on the backdrop of healthy business underwriting decisions, reinsurance optimismsation and efficient claims management process.

 

Notwithstanding the impact of COVID-19 on economic landscape, the company remained resilient, recoding a profit before tax of N2.5 billion, compared to N1.3 billion in 2019, representing 89 percent YoY growth, while profit after tax was N2.4 billion, increasing by 65 per cent from N1.5 billion in 2019.

 

From this profit and committed to delighting its shareholders, Linkage Assurance will be proposing for approval at her annual general meeting a bonus share issue amounting to N2 billion (of four billion ordinary shares at 50k per share) and a cash dividend of N0.05 per share (amounting to N500 million), to existing shareholders.

 

In his remark, the MD/CEO, Daniel Braie, said the company’s outstanding performance was hinged, amongst others, on activation of a robust Business Continuity Management (BCM) Plan during COVID-19 lockdownn, which stimulated continued customers’ interaction, retention, engagement, and satisfaction

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