From Ngozi Onyeakusi, Lagos
Linkage Assurance Plc has posted a profit after tax to the tune of N2.891bn for the financial year ended 31st December, 2017 thus representing an increase of 431 per cent with N544.6m recorded in 2016.
Also profit before tax recorded 218 per cent, from N942.65m in 2016 to N2.996bn at the end of 2017.
Linkage Assurance stated that it boosted its bottom line from investment income by 260 per cent, from N951.349m in 2016 to N3.42bn in the review year.
It added that this came from the 2015 and 2016 dividend income from Stanbic IBTC Pension Limited, which was received during the year and led to significant growth of 2,616 per cent in the dividend income to N3.2bn from N116m in 2016.
In the company’s full year financial result submitted to the Nigerian Stock Exchange, it stated that its gross premium written rose by two per cent to N4.102bn from N4.032bn, while the gross premium income rose by six per cent to N4.186bn at the end of 2017, from N3.966bn the previous year.
The company said its claims paid rose to N1.038bn, from N613.196m in 2016, adding that this impacted on underwriting profit, which dropped by 53 per cent to N456.86m from N980.79m.
According to the statement, Linkage’s total assets rose by 15 per cent to N23.308bn at the end of 2017 from N20.331bn in the previous year.
The company said it would continue to refine its strategies in line with the political, economic, sociological and technological changes in the industry.
Linkage stated, “Also, we will continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us to achieve our corporate goals and objectives.”