Linkage Assurance records 431% increase in PAT
LINKAGE Assurance Plc has recorded a 431 percent growth in profit after tax for the financial year ended December 31, 2017.
The figure grew from N544.6 million in the 2016 financial year to N2.9 billion in the review period. The profit before tax (PBT) also appreciated by 218 percent, from N942.7 million in 2016 to N2.9 billion at the end of 2017.
In the company’s full year financial result submitted to the Nigerian Stock Exchange (NSE), investment income grew by 260 percent, from N951.3 million in 2016 to N3.4 billion in the review year.
This according to the company came from the 2015 and 2016 dividend income from Stanbic IBTC Pension Limited which was received during the year and that led to a significant growth of 2,616 percent in the dividend income to N3.2 billion from N116 million in 2016.
Gross premium written stood at N4.1 billion as against N4 billion, indicating a two percent increase.
The company, during the year under review, paid out claims amounting to N1 billion, as against N613.196 million in 2016.
This therefore impacted on underwriting profit which dropped 53 percent to close at N456.86 million, as against N980.79 million in 2017. The company also grew its total assets to N23.3 billion at the end of 2017, moving up by 15 percent from N20.3 billion in the previous year.
Commenting, Managing Director of the company, Mr. Pius Apere said, “We will 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.” Related