By LOVETH AZODO, Lagos
Linkage Assurance Plc has demonstrated sustained growth, recording a 61 percent increase in insurance revenue by the end of the third quarter of 2024.
The company’s unaudited financial statements for the period ending 30th September 2024, submitted to NGX Limited, reveal that insurance revenue rose to N16.43 billion, up from N10.22 billion in the same period of 2023.
The Insurance Service Result, reflecting Linkage Assurance’s prudence and risk management strengths, saw a substantial rise of 261 percent, closing at N723.57 million for the review period, compared to N200.37 million the previous year.
Additionally, the firm posted a 26 percent increase in investment and other income, which grew from N5.59 billion in 2023 to N7.07 billion in 2024.
Profit Before Tax (PBT) at the end of Q3 2024 stood at N4.38 billion, up from N3.65 billion in Q3 2023, representing a 20 percent growth, while Profit After Tax (PAT) also increased by 22 percent to N4.16 billion, compared to N3.41 billion in the same period last year.
Total assets for the company appreciated significantly year-on-year, reaching N60.39 billion, a 14 percent increase from N52.86 billion in the previous period.
Commenting on the results, Mr. Daniel Braie, Managing Director/CEO of Linkage Assurance Plc, stated that the company is committed to refining its strategy in line with its 2024 theme, “Consolidation.” This theme aligns with Linkage Assurance’s focus on four pillars: Business Growth, Operational Excellence, Financial Excellence, and Customer and People.
Braie noted that these strategic pillars would guide the company as it navigates a highly competitive insurance market, aiming to increase its market share in profitable sectors and deliver exceptional customer experiences.
As part of its agile strategy, Linkage Assurance will continue to leverage technology to enhance its products and services, particularly for direct and personal clients. This includes digital transformation initiatives and new motor insurance options tailored to clients’ specific risk exposures, preferences, and payment capacities.
Braie added, “We are committed to building on the positive outcomes of our ongoing brand rejuvenation and awareness campaign targeted at the insuring public, reinforced by a strong customer value proposition.”
Linkage Assurance Plc is dedicated to providing first-class insurance and financial services to the Nigerian market.
The company has achieved this through a combination of exemplary management, advanced information technology infrastructure, and a well-trained, motivated workforce, driving the superior returns expected by shareholders.
