Linkage Assurance Plc has disclosed that its gross premium written rose by 34 per cent in the 2021 financial year.
It said this in a statement titled, ‘Linkage Assurance shareholders applaud growth amidst tough operating environment’.
“Linkage Assurance Plc during the year under review grew its GPW to N11.16bn from N8.33bn in the 2021 financial year, while the net underwriting income was N6.26bn, as against N5.076bn the previous year,” the statement said.
Presenting the company’s 2021 financial report during its 28th annual general meeting in Lagos, the Chairman of the board, Joshua Fumudoh, said growth in revenue could not translate to profitability because of huge claims that hit the company in 2021, including the #EndSARS protest losses.
Fumudoh said, “The aftermath of the 2020 #EndSARS protest took a toll on the insurance industry and Linkage was not exempted. The total #EndSARS claims for the insurance industry was about N20bn while Linkage Assurance Plc exposure was N1.1bn.” He said the company was proud to have met its obligations to customers by enabling them to return to their business despite the huge losses.
In addition to #EndSARS, he said there were other two major claims in 2021, which had provisions of N1.5bn and N750m that were already paid.
