Law Union & Rock Ins. Plc is one of the first generation Insurance Companies to open office in Nigeria six decades ago. We began operations in Nigeria in 1951 as a Chief Agency when the late Sir Mobolaji Bank-Anthony held the power of Attorney for Royal International Insurance Holding, a U.K leading Insurance Company [the first Nigerian to have such authority].
In 1957, the company acquired Branch status and continued to operate as a Branch of Royal International Insurance Holding (a subsidiary of RSA Insurance group Plc, United Kingdom, transacting all major classes of Insurance businesses until June 17, 1969 when it became incorporated locally in compliance with the Companies Act of 1968.Law Union & Rock Ins. Plc is now a fully indigenous public quoted Insurance Company having been recertified by NAICOM to continue to operate as a General Insurance Business Underwriter.
In line with the CBN directives instructing all deposit banks to divest from all their non-banking investments or evolve holding company structures, Law Union & Rock Insurance was acquired in 2012 from Skye Bank Plc by a consortium of investors comprising ACAP IClass LLP, an insurance dedicated private fund managed by Alternative Capital Partners (ACAP) and Swede Control Intertek. This has led to the ongoing transformation in the organization.
Law Union & Rock Insurance Plc has over N8billion in Total Assets and Shareholders’ Fund in excess of N4billion.
As part of the organization’s transformation and restructuring process, Law Union & Rock Insurance’s business is structured using the sectorial model of operation. This is to enable the organization align its offerings to the unique needs of the various sectors of the Economy.
The organization has also adopted various E-payment platforms to enable clients pay easily and avoid the rigors previously associated with premium payments. Customers can either pay in any bank of their choice, through Quickteller, POS terminals or Webpay.
All this is in line with our strategic initiative to create value for our stake holders, improve customer intimacy and achieve operational excellence.
underwriter, Law Union and Rock Insurance Plc on Wednesday said its Profit
after grew by 100 percent at the end of its financial year ended 31, December
Jide Orimolade, Managing Director/ CEO disclosed this during a media parley with National Association of Insurance and Pension Correspondents (NAPICO) in Lagos that it’s PAT rose from N280.919million in 2015 to N561.851million in the period under review.
He added that underwriting result equally appreciated to N1.254billion in 2016 when compared with N1.144billion achieved in the corresponding period of 2015; indicating 10 percent growth.
Despite 2016 economic recession which affect the growth of all sectors, the insurer was able to grow its gross premium written income slightly by 2 percent.
The giant stride of the company in PAT in 2016 galvanized the company positively by reducing the previously accumulated loss by 95 percent from N468million in 2015 to N24million in 2016.
The LUR boss reassured its clients that the company is now committed and strategically positioned to consolidate on her profit earned in 2017 to delight its shareholders and all other stakeholders.
On claims payment, he said the company paid in excess of N3.3 billion as claims between 2015 and 2016, adding that as at the end of first quarter 2017 it has paid a total of N380million as claims to its client, this he said is 24 percent greater than what the company paid same period of 2016.
On Global Credit Rating (GCR) he said: “a South Africa rating agency report confirm the company’s financial capability and claims payment ability. The agency accorded the company with A- claims paying ability from BBB+ in 2015. The agency also adjudged the company with stable outlook.”
He restated the company’s determination in meeting all her obligations to the policyholders but committed to continue adding values to her esteemed customers through disruptive innovation that delivers seem less, convenient and stress free business ecosystem
Speaking further on the company’s achievements in 2016, Orimolade noted that its strategic innovation were largely driven by ICT, this according to him has been able to help to drive the following: “the payment process by eliminating financial risk; products are deployed in a tangible fashion with key security features and robust and seamless technology help grow its retail business by 9 percent in 2016.”
He also disclosed that in 2016 the company unveiled two new products namely: “Home guard and I- Care” into the retail market, adding that the products are targeted at the middle and lower income earners.