Underwriting firm, Linkage Assurance Plc has beaten all odds to return strong profitability in half year 2022 despite the challenging business environment.
The company in a statement to the Nigerian Stock Exchange and shareholders on the unaudited result for the second quarter ended 30th June 2022 recorded a profit before tax (PBT) of N1.465 billion from a loss position of N2.111 billion the same period last year.
This is as profit after tax (PAT) also moved in similar direction closing at N1.392 billion at the end of June 2022, as against N2.090 billion loss same period in 2021.
In a statement signed by Joshua B Fumudoh, chairman of the board, Daniel Braie, managing director/CEO and Emmanuel Otitolaiye, chief financial officer, Linkage Assurance Plc recorded a gross premium written of N8.303 billion in the review period from N6.952 billion in the previous year.
During the review period, the company also recorded a net underwriting income of N3.515 billion from N2.703 billion in 2021, while the underwriting profit stood strong at N231.28 million from a loss position of N1.027 billion.
Growth in underwriting profit according to the company was attributed to quality risks management and prudence in risks selection, even as it continues to meet its claims obligation promptly to her esteemed customers.
The underwriter during the period paid out N1.422 billion on claims to her numerous customers that suffered one form of loss or the other during the half year period, from N3.989 billion the previous period.
Daniel Braie, managing director/CEO of the company told shareholders during its last Annual General Meeting in Lagos that the company was going in a positive direction as shown in its quarter by quarter performance in the current year.
He assured that management was doing all it can to turn the clock, by ensuring that its underwriting and risks management strategies were adequately deployed to ensure a healthy and stronger bottom line at year end.
Meanwhile, Linkage Assurance Plc’s total assets continues on its robust mood, standing at N44.508 billion at the end of half year, from N38.71 billion in 2021, indicating a growth of 14.98 percent.
Management of Linkage says it will continue to refine its strategy in line with the political, economic, sociological and technological changes in the industry particularly the impact of Coronavirus (COVID-19) pandemic on the business landscape.
“We will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives. With a medium-to-long term perspective, we believe that we will benefit from growth as a result of these initiatives, Braie said.