Nigerian listed insurer Linkage Assurance reported ₦4.09 billion in net profit for the first nine months of 2026, up 31% from ₦3.12 billion a year earlier. Unaudited results filed with the Nigerian Exchange in late October show that higher investment income was an important contributor, even as costs associated with insurance contracts rose sharply.
Insurance revenue increased 6% to ₦20.55 billion from ₦19.30 billion in the corresponding period of 2025. Insurance service expenses, however, climbed 35% to ₦17.08 billion. After accounting for reinsurance, the insurance service result fell 11% to ₦817.16 million, from ₦916.59 million a year earlier.
Income from investments and other activities helped offset the weaker underwriting result. These revenues rose 27% to ₦7.71 billion, compared with ₦6.05 billion in the first nine months of 2025. Profit before tax increased 29% to ₦4.32 billion, somewhat less than the growth in after-tax earnings.
Assets exceed ₦100 billion
The insurer also expanded its balance sheet. Total assets stood at ₦100.83 billion on 30 September 2026, compared with ₦76.90 billion at the end of December 2025, a 31% increase. Over the same period, insurance contract liabilities grew 24% from ₦18.28 billion to ₦22.68 billion.
The rise in overall profit therefore came without an improvement in the insurance service result. Investment returns have become a more prominent source of earnings as Linkage continues to develop its motor insurance products and digital services for individual policyholders.