Prime Business AfricaLinkage Assurance reported N6.48 billion as insurance revenue in the second quarter (Q2) of 2025, exceeding the N5.67 billion posted in Q2 2024, indicating a growth of 14.34 percent.
In the company’s Q2 2025 unaudited financial statement, Linkage Assurance said service expenses increased by 18.26 percent to N4.40 billion, from the N3.72 billion recorded in Q2 2024.
Join our WhatsApp ChannelLinkage Assurance also reported that the insurance service results before reinsurance contracts held increased to N2.07 billion at the end of the period under review, up by 6.83 percent when compared to the N1.94 billion recorded in Q2 last year.
Also, allocation of reinsurance premiums grew to N2.12 billion in the second quarter of this year, surpassing the N1.69 billion posted in the same period in 2024, representing an increase of 25.55 percent.
Furthermore, net expense from reinsurance contracts held tripled to N1.62 billion in Q2 2025, surpassing the N755,88 million in the corresponding period in 2024, indicating a 114.34 percent increase.
As a result, the insurance service result of Linkage Assurance dropped by 61.52 percent to N457.29 million between April and June this year, compared to the N1.18 billion posted in Q2 2024.
Also, the insurer’s total investment income grew to N1.89 billion in the second quarter of this year, against the N2.90 billion recorded in the same period in 2024, indicating a decrease of 34.71 percent.
Linkage Assurance further reported that it recorded N67.27 million as finance expenses for insurance contracts issued in Q2 2025, compared to the N588.41 million finance income filed in Q2 2024.
However, the insurer recovered from a N232.43 million finance expense for reinsurance contracts held in the second quarter of last year, after reporting N29.14 million finance income for reinsurance contracts held.
The insurance company also reported net insurance finance expenses of N38.13 million during the period under review, against the N355.97 million posted in the same period last year.
Also, net insurance and investment result decreased to N2.31 billion in Q2 2025, from N4.44 billion in Q2 2024, reflecting a decline of 47.97 percent, while other operating expense increased by 24.26 percent year-on-year, from N963.26 million to N1.19 billion.
This left Linkage Assurance with N1.11 billion as profit before tax (PBT) in the second quarter of this year, dropping by 67.96 percent when compared to the N3.48 billion declared in Q2 2024.
Within the review period, Linkage Assurance paid N59.97 million in income tax, compared to the N174.07 million in taxes filed in Q2 2024, representing an increase of 65.54 percent.
Similarly, the insurer’s profit after tax (PAT) decreased by 68.08 percent to N1.05 billion in the second quarter of this year, compared to the N3.30 billion PAT recorded in the corresponding period in 2024.
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