Despite a demanding economic landscape, Linkage Assurance Plc recorded a strong financial performance in the first half of 2026, highlighted by a 74% surge in profit after tax, which reached ₦3.11 billion.
According to its unaudited financial statements submitted to the Nigerian Exchange (NGX) for the six months ended June 30, 2026, the company’s profit before tax rose 68% to ₦3.27 billion, up from ₦1.95 billion in the same period last year, while profit after tax grew from ₦1.79 billion to ₦3.11 billion. Overall insurance revenue also experienced a steady 6% expansion, climbing to ₦13.30 billion.
These gains come at a time when Nigeria’s broader insurance sector faces severe macroeconomic pressures, including persistent inflation, high operational costs, and currency volatility that have eroded underwriting margins industry-wide. Reflected in these broader headwinds, Linkage saw its insurance service expenses jump 42% to ₦11.78 billion, largely driven by rising claims costs.
To offset these underwriting pressures, the firm leaned heavily into its investment strategy. A 70% boost in investment and other income rising to ₦5.94 billion from ₦3.49 billion in H1 2025 proved to be a central driver of total profitability. Insurers across Nigeria have similarly capitalized on elevated yields on government securities and fixed-income assets to safeguard earnings.
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Linkage Assurance also bolstered its balance sheet over the six-month period. Total assets expanded by 7% to ₦82.19 billion, supported by growth in investment holdings and insurance assets, while shareholders’ equity climbed to ₦49.58 billion, driven by retained earnings.
Looking ahead, Managing Director and CEO Daniel Braie reaffirmed the firm’s commitment to its 2026 strategic theme, "Consolidation." Going into the second half of the year, the insurer plans to deepen its digital transformation, expand its market presence in profitable segments, strengthen its motor insurance offerings, and focus on delivering enhanced customer experiences.
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