Prime Business Africa
Between January and September 2025, Linkage Assurance Plc recorded N19.29 billion in revenue, representing a 17.47 percent rise, compared to the N16.42 billion turnover generated in the same period in 2024.
In the company’s unaudited financial statements for the period ended September 30, 2025, Linkage Assurance said insurance service expenses grew by 17.04 percent year-on-year, from N10.79 billion to N12.63 billion.
Join our WhatsApp ChannelAlso, the firm’s insurance service result before reinsurance contracts held increased by 18.30 percent to N6.66 billion in the first nine months of 2025, against the N5.63 billion recorded in the corresponding period the previous year.
Similarly, Linkage Assurance’s net expense from reinsurance contracts held rose to N5.74 billion between the first quarter (Q1) and the third quarter (Q3) of 2025, surpassing the N4.90 billion posted in 2024, indicating a 17.07 percent increase.
Consequently, the company ended the period under review with N916.59 million in insurance service result, reflecting a 26.67 percent rise when compared to the N723.56 million recorded between Q1 and Q3 2024.
However, total investment income decreased by 15.18 percent to N6.11 billion in the first nine months of 2025, falling below the N7.2 billion notched up in the year before.
The insurer also reported that insurance finance expenses for insurance contracts issued dropped by 43.27 percent year-on-year, from N223.39 million to N126.73 million, and reinsurance finance income for reinsurance contracts held decreased by 18.96 percent, from N86.98 million to N70.48 million.
Linkage Assurance said net insurance finance expenses also dropped by 58.76 percent year-on-year, from N136.41 million to N56.24 million, while net insurance and investment result declined by 10.53 percent, from N7.79 billion to N6.97 billion
In the same vein, Linkage Assurance’s profit before taxation (PBT) decreased to N3.34 billion between January and September last year, failing to surpass the N4.38 billion pre-tax profit earned in 2024, indicating a 23.67 percent decline.
The insurer announced that it paid N226,58 million in income tax from the pretax profit between Q1 and Q3 2025, compared to the N219.08 million tax expense incurred in 2024.
While the tax expense increased by 3.42 percent, the company’s profit after tax (PAT) decreased by 25.10 percent to N3.11 billion in the first nine months of 2025, below the N4.16 billion reached in the corresponding period in 2024.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
