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.
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.