Report shows that Linkage Assurance experiences a significant increase of 16% in its gross written premium.

Linkage Assurance Plc has announced a remarkable 16% growth in its gross written premium, which reached N12.98bn during the 2022 financial year. Despite a challenging operating environment, the company demonstrated strong performance, as highlighted in their statement released on NGX Limited. The report indicates that Linkage Assurance witnessed a significant increase from N11.16bn in 2021 to N12.98bn, representing a 16% rise in gross written premium.

Throughout the year, the company showcased effective risk management, resulting in a remarkable underwriting profit of N506.162m, reflecting a substantial 120% growth compared to the previous year. Moreover, Linkage Assurance strengthened its overall financial position with a profit before tax of N2.696bn and a profit after tax of N2.567bn.

The company’s successful underwriting year, coupled with optimized investment returns, significantly bolstered their bottom-line. The report also highlights a three percent increase in total assets, with N39.998bn at the end of the review year compared to N38.71bn in the preceding year.

Daniel Braie, the Managing Director/Chief Executive Officer of Linkage Assurance Plc, emphasized the company’s commitment to customer satisfaction by providing excellent service delivery and promptly settling genuine claims. He expressed the company’s dedication to maximizing its potential in key market segments where it has a strong presence, with a continuous focus on creating value for its shareholders.

Braie highlighted the company’s strategic approach for the year, centered around the theme of “consolidation.” This theme serves as the foundation for their strategic intent, encompassing four pillars: business growth, operational excellence, financial excellence, and customer & people. These pillars will guide their actions and decisions as they navigate the highly competitive insurance market and aim to increase their market share.

In line with their agile strategy, Braie mentioned their intention to leverage technology to enhance their products and services, particularly for their direct and personal clients. This initiative aligns with their digital transformation efforts, ensuring an improved customer experience across the board.