Linkage Assurance Plc said its gross written premium rose by 16 per cent to N12.98bn in the 2022 financial year.
A statement said the performance was recorded amid a tough operating environment in 2022 financial year,
It said, “In the 2022 full-year financial results made available to the investing public and published on NGX Limited, Linkage Assurance Plc recorded a gross written premium of N12.98bn, as against N11.16bn in 2021, a 16 per cent increase.
“Able to effectively manage its risks during the review year, the underwriting firm also recorded N506.162m underwriting profit, a growth of 120 per cent when compared with the figure in 2021.
“Linkage Assurance also strengthened its bottom-line with profit before tax N2.696bn, and profit after tax closing at N2.567bn.”
With full maximisation of its investment returns, it said, Linkage Assurance’ income from investment boosted bottom-line stronger after a successful underwriting year.
Total assets at the end of the review year stood at N39.998bn, a three per cent increase from N38.71bn in the previous year.
The Managing Director/Chief Executive Officer, Linkage Assurance Plc, Daniel Braie, commenting on performance of the company, said the underwriting firm had continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.
He said the company was focused on maximising its potential in key segments of the market where it played strongly and would continue to ensure it creates value for its teaming shareholders.
The managing director said, “As an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme. Our theme for 2023 is consolidation’, and this informs our strategic intent along the four pillars of business growth, operational excellence, financial excellence, and Ccustomer & people.”
Braie said the company had identified strategic focus, which would guide it as compass in its quest to navigate through the highly competitive insurance market to increase market share.
in the most profitable sectors and offer excellent customer experience to all its clients.
He said, “As part of our agile strategy, we shall leverage on the technology to improve our products and services especially to our direct and personal clients. This is also part of digital transformation initiatives.”