Linkage Assurance Plc: Increase in other operating income, others boost revenue

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Linkage Assurance Plc reported gross premium income of N2.04 billion in Q3 2020, compared to N1.59 billion in the corresponding period of 2019. 

 Key highlights for 2020 Q3  

  • Gross premium income increased by 28.43% from N1.59 billion to N2.04 billion YoY. 
  • Investment income increased to N908.77 million, +80.56% YoY.  
  • Fees and commission income decreased to N171.27 million, -8.20% YoY.  
  • Net premium income decreased to N1.01 billion, -1.49% YoY.  
  • Other operating income increased to N15.12 million, +4031.42% YoY. 
  • Gains on financial assets increased to N166.57 million, +1157.33% YoY. 
  • Pre-tax profits increased to N611.71 million, +1156.05% YoY. 
  • Earnings Per Share increased to 7.2 kobo, +100% YoY. 

Bottom Line

Linkage Assurance Plc recorded a major boost from other operating income, as gross premium increased.  Though companies have generally recorded decreased revenues in the last three quarters, mostly due to the negative impacts of COVID-19 on businesses worldwide; Linkage Assurance Plc was able to record increased gross premium income.

Pre-tax profits also increased in the period under consideration due to increased investment income and gains on financial assets.

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