Linkage Assurance Plc recorded a 61 per cent rise in insurance revenue, amounting to N16.4 billion at the end of third quarter 2024.
Linkage Assurance Plc unaudited financial statements year-on-year for the period end 30th September 2024 submitted to the NGX Limited shows that insurance revenue grew to N16.43 billion from N10.22 billion recorded at the same period in 2023.
The Insurance Service Result, which underscores the firm’s prudence and risks management capabilities rose by a significant 261 per cent to close at N723.57 million in the review period, as against N200.37 million the previous year.
Linkage Assurance Plc also achieved significant growth in investment and other incomes, rising by 26 per cent, from N5.59 billion in 2023 to N7.07 billion in the review period.
Profit Before Tax (PBT) at the end of third quarter 2004 stood N4.38 billion, from N3.65 billion in third quarter 2023, showing a 20 per cent increase, while Profit After Tax (PAT) also grew by 22 percent to N4.16 billion, as against N3.41 billion in Q3 2023.
The company’s total assets also appreciated significantly year-on year to N60.39 billion, from N52.86 billion, indicating a 14 per cent increase.
The managing Director/CEO, Linkage Assurance Plc, Daniel Braie, commenting on the accounts said, as an organisation, ‘we shall continue to refine our strategy in line with our strategic focus for the year and theme.’
Its theme for 2024, he said, is ‘Consolidation,’ and this informs its strategic intent along the four pillars of Business growth, Operational excellence, financial excellence, and Customer and People.
“Consequently, during the year the identified strategic focus will guide as compass in our quest to navigate through the highly competitive insurance market to increase our market share in the most profitable sectors and offer excellent customer experience to all our clients,” he stressed.
Braie said part of the company’s agile strategy would be to leverage on technology to improve products and services especially to direct and personal clients.
“This is also part of digital transformation initiatives. Also, having recognised the impact of certain product lines like motor insurance on our portfolio, we are positioned to offer our client’s different options of motor insurance according to their risk exposure(s) willingness and ability to pay.
“We shall continue to leverage on the positive impact of our ongoing brand rejuvenation and awareness campaign to the insuring public, and this will be reinforced by our customer value proposition,” he pointed out.
