Linkage Assurance grows profit by 34% in Q4 2020

Linkage Assurance Plc has recorded 34 per cent increase in profit after tax for the fourth quarter ended Dec. 31, 2020.

The company said this in a statement released on the floor of the Nigerian Stock Exchange on Wednesday in Lagos.

The statement said that profit after tax stood at N1.94 billion from N1.45 billion posted in the corresponding period of 2019, an increase of 34 per cent.

Also, profit before tax rose to N2.55 billion from N1.34 billion, indicating an increase of 90 per cent.

The statement added that gross premium rose by 28 per cent to N8.33 billion from N6.52 billion posted in the comparative period of 2019.

The company noted that investment income boost and reduction in claims expenses were the major driver of its outstanding performance.

“We will continue to refine our strategy in line with the political, economic, sociological and technological changes in the industry, particularly the impact of Coronavirus 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 in these initiatives,” said the statement.

“We are also making efforts to deploy our online portal to make our products and services available especially the digital savvy customers and enterprises,” the company said.

The insurance firm said it would continue to consolidate on ongoing initiatives to improve its operational efficiency.

It added that this would reduce the cost of doing business, improve business processes, eliminate wastages and achieve higher margins in its core business.