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

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.