Linkage assurance reports 33% rise in profit in Q2

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Linkage Assurance plc is reporting NGN2.5 billion profit for second quarter 2017 compared to NGN751.8 million reported same period 2016, which represents 33% increment year on year comparison.

The insurance company recorded NGN2.2 billion gross premium against NGN2.1 billion in the year before while reinsurance expenses increased to NGN751.6 million from NGN612.1 million in the fiscal year 2016.

Net income stood at NGN1.5 billion with last year record while investment income increased to NGN3.1 billion from NGN112.1 million in the financial year 2016.

Total asset for the period was NGN23.9 billion in contrast to NGN21.8 billion acquired in the year before while total liabilities was stood still at NGN4.9 billion,

Corporate information (Disclosure)
The Company was incorporated on the 26th of March 1991 as a private limited liability company – Linkage Assurance Company Limited. It was registered by the National Insurance Commission on the 7th of October, 1993 to transact general insurance business and commenced operations in January, 1994.

The Company became a Public Limited Liability Company in 2003 and the company’s shares, which are quoted on the Nigerian Stock Exchange, were first listed on 18 November, 2003.

In compliance with regulatory directives on re-capitalization in the Insurance Industry in 2007, the Company merged with the former Central Insurance Company Limited. The registered office of the Company is Plot 20 Block 94 Providence Street, Off Adewunmi Adebimpe Street, Lekki Phase 1, Lekki, Lagos, Nigeria.