Monday, April 21, 2025
32.2 C
Lagos

Linkage Assurance Reports Insurance Revenue of N16.4bn in Q3 2024

Linkage Assurance Plc has sustained its strong growth trajectory, with a 61 percent rise in insurance revenue at the end of third quarter 2024.

Linkage Assurance Plc’s unaudited financial statements year-on-year for the period end 30th September 2024 submitted to the NGX Limited shows that insurance revenue grew to N16.43 billion from N10.22 billion recorded at the same period in 2023.

The Insurance Service Result, which underscores the firm’s prudence and risks management capabilities rose by a significant 261 percent to close at N723.57 million in the review period, as against N200.37 million the previous year.

Linkage Assurance Plc also achieved significant growth in investment and other incomes, rising by 26 percent, from N5.59 billion in 2023 to N7.07 billion in the review period.

Profit Before Tax (PBT) at the end of third quarter 2004 stood N4.38 billion, from N3.65 billion in third quarter 2023, showing a 20 percent increase, while Profit After Tax (PAT) also grew by 22 percent to N4.16 billion, as against N3.41billion in Q3 2023.

The company’s total assets also appreciated significantly year-on year period to N60.39 billion, from N52.86 billion, indicating a 14 percent increase.

Mr. Daniel Braie, Managing Director/CEO, Linkage Assurance Plc commenting on the accounts said, as an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme.

Our theme for 2024, he said is “Consolidation”, and this informs our strategic intent along the four pillars of Business growth, Operational excellence, financial excellence, and Customer and People, the CEO said.

“Consequently, during the year the identified strategic focus will guide as compass in our quest to navigate through the highly competitive insurance market to increase our market share in the most profitable sectors and offer excellent customer experience to all our clients.”

Braie said part of the company’s agile strategy would be to leverage on technology to improve products and services especially to direct and personal clients.

“This is also part of digital transformation initiatives. Also, having recognised the impact of certain products lines like motor insurance on our portfolio, we are positioned to offer to our client’s different options of motor insurance according to their risk exposure(s) willingness and ability to pay.”

“We shall continue to leverage on the positive impact of our ongoing brand rejuvenation and awareness campaign to the insuring public, and this will be reinforced by our customer value proposition.

Linkage Assurance Plc is in business to provide first class insurance and other financial services to the Nigerian insurance market. To achieve this, it has deployed exemplary management, best-in-class information technology infrastructure and well-trained and motivated work force as vehicle for achieving the superior returns expected by shareholders.”

 

spot_img
spot_img
spot_img

Hot this week

GOCOP Congratulates Femi Soneye on Winning NIPR Spokesperson of the Year 2025 Award

The Guild of Corporate Online Publishers (GOCOP) extends its...

CBN, NGX Group Showcase Nigeria’s Reform-Driven Growth Story at Nasdaq, New York

L–R shows: Managing Director/CEO, Central Securities Clearing System (CSCS)...

Leadway Group Hosts Media Training to Elevate Financial Reporting

Leadway Group, Nigeria's leading non-banking financial services group, has...

NCDMB, Renaissance Energy Partner on Local Content Dev

L-R:  Managing Director and Chief Executive Officer Renaissance Africa...

NGX Group Holds 64th AGM, Reaffirms Commitment to Sustainable Value for Stakeholders

The Nigerian Exchange Group Plc (NGX Group) held its...

Topics

NIA Governing Council Visits NAICOM, Seeks Strategic Collaboration

The Commissioner for Insurance/CEO, Mr. Segun Ayo Omosehin, and...

African Airlines Record O% Fatal Accident in 2017

The International Air Transport Association (IATA) released data for...

Global Commercial Aircraft Market to Reach $209bn by 2022

The world commercial aircraft market is expected to reach...

The Most Important Things to Look at During House Inspection

By Dennis Isong One of the most important jobs you’ll...

NCC Lament Nigeria’s NRI Ranking Despite Telecom, Internet Position in Africa

Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC)...

Renewable Energy: Pathway to Poverty Alleviation in Africa

New Executive Director Greenpeace International (http://www.Greenpeace.org) Bunny McDiarmid visited...

The IMF perspective: 7 Questions on Oil Price Slump

Oil prices have plunged recently, affecting everyone: producers, exporters,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img