Insurer declares 26% growth across market indices in 2023

AN underwriting firm, Linkage Assurance Plc, said despite the economic situation that characterized the financial year ended December 2023, it recorded outstanding Gross Premium Written ( GPW) growth of N16.33 billion, from N12.98 billion recorded in 2022.

The performance translates to a 26 per cent growth.

This is contained in the underwriter’s unaudited financial statements for 2023 filed with Nigeria’s NGX Limited for shareholders and the investing public.

The breakdown of the result revealed that the insurer came out strong in the outgone year, posting a profit before tax ( PBT) of N4.51 billion, a 67 per cent increase from N2.70 billion in 2022. This comes as profit after tax ( PAT) rose to N4.22 billion, from N2.57 billion, a 64 per cent increase.

The result also shows that the underwriter’s risk management drive in the year under review was upbeat, despite meeting its claims obligation to clients in a year that had a raft of negative impacts of rising foreign exchange gap, inflation, and high cost of living.

In the review period, the company recorded an underwrit - ing profit of N705.71 million from N506.12 million in 2022, indicating a 39 percent growth.

It also paid out claims to clients for various losses incurred in the review year , which amounted to N4.49 billion, from N3.09 billion paid out in 2022.

Linkage Assurance also sa w outstanding growth in investment income, which rose from N4.87 billion in 2022 to N9.02 billion in 2023. According to the company , the in vestment and other operating incomes are buoyed by dividend income received from in vestment in the pension business, sundry income from share subscrip - tions, and foreign exchange gains.

Linkage Assurance balance sheet was further strengthened in the review year with total assets rising to N50.52 billion, a 26 per cent increase from N39.99 billion in 2022. The Managing Director/ Chief Executive Officer of the Company, Daniel Braie, said the firm has continued to deploy strat egies in line with its growth plans, remaining on top of its core areas from stronger market share, expanding market size and enhancing customer experi ence.