By Rosemary Onuoha
Linkage Assurance Plc said it recorded 16 percent growth in Profit after Tax, (PAT) for the half year ended June 30th 2019 (H1’19)
The company disclosed this in its half year unaudited financial statement for H1’19 made available to the Nigerian Stock Exchange (NSE). The statement showed that PAT stood rose to N572.76 million from N439.77 million recorded in the corresponding period of 2018 (H1’18).
During the period the company posted a Gross Premium Written (GPW) of N4.130 billion as against N3.650 billion the previous year.
The company said that with efficient risk management, it returned to profitability in underwriting performance, posting a 176 percent increase, as the figure moved to N296.06 million from negative N367.11 million in 2018.
Total assets also grew by eight percent, moving to N24.869 billion in H1’19 from N23.146 billion in H1’18.
The company expressed optimism that it will sustain this growth all year around, as the growth initiatives deployed were beginning to add value to its performance.
Managing Director/CEO of Linkage Assurance Plc, Daniel Braie, said the company has diversified its portfolio to achieve income efficiency with quality risk management, noting that management is actively watching its cost to ensure that it delivers value to shareholders.
He said, “In terms of compliance to regulatory requirements, we are up and doing to ensure we remain above board and maintain our position in the industry.”