By Rosemary Iwunze
Linkage Assurance Plc has returned to profitability in the first half of 2022 despite the challenging business environment.
The company, in a statement to the Nigerian Exchange Limited, NGX, and shareholders on the unaudited result for the second quarter ended 30th June 2022 recorded a profit before tax (PBT) of N1.465 billion, emerging from a loss position of -N2.111 billion in the corresponding period of last year.
Profit after tax also increased to N1.392 billion from N2.090 billion loss same period in 2021.
The company recorded a gross premium written of N8.303 billion in the review period from N6.952 billion in the previous year.
During the review period, the company also recorded a net underwriting income of N3.515 billion from N2.703 billion in 2021, while the underwriting profit stood at N231.28 million from a loss position of N1.027 billion.
Managing Director/CEO of the company, Mr. Daniel Braie, told shareholders during the Annual General Meeting in Lagos that management was doing all it can to turn the clock, by ensuring that its underwriting and risks management strategies were adequately deployed to ensure a healthy and stronger bottom line at year end.