Insurance Sector

Linkage Assurance is one of the surprise stocks, breaking grounds where the high cap stocks struggled to deliver capital gajn to investors. Between January and April 2021, Linkage Assurance rallied 53.84 percent in price due to product innovation, increase in premium income and growth in profit after tax. This is in spite of the general market slump

During the 2021 Q1, the company generated increase in gross premium from N6.52 billion in 2020 to N8.33 billion. Net premium income grew from N3.71 billion to N4.54 billion while profit after tax increased to N2.39 billion from N1.45 billion.

Linkage Assurance. has created new products and is developing alternative channels of distribution. Already, it has created linkage Assurance third party plans, provided compulsory third party protection for own damage to the tune of N250,000.

The company has also created linkage S M E comprehensive plan, another product that compensates for pupil’s injury.

NEM INSURANCE

For the 2020 full year, NEM Insurance recorded gross premium income of N22.03 billion, up from N19.75 billion in 2019. Following reduction in reinsurance expense from N6.64 billion to N5.82 billion, total revenue increased to N19.44 billion from N14.76billion with profit before tax climbing from N1.93 billion to N5.18 billion. Profit after tax grew to N5.08 billion from N2.39 billion while earning per share rose to N0.96 billion from N0.451 billion.

CORONATION

Coronation, formerly wapic Insurance, and listed In the insur

SOURCE: GOBI COM, NGX, VETIVA

ance, carrier and broker services sector of NGX grew profit before tax 5 percent from N5.02 billion to N5.78 billion. Loans and advanc

es rose from N72 billion to N122 billion. Non interest income increased 23 percent to N7.4 billion as net interest income berthed

at N4.68 billion. The company’s capital adequacy ratio finished at 19.87 percent with liquidity ratio at 50.93 percent.