Law Union & Rock records N485m profit

March 09th, 2018

Law Union & Rock Insurance Plc has said that it recorded profit after tax of N485m in 2013 financial period.

The Chairman of the company, Princess Adenike Adeniran, disclosed this during the firm’s 45th annual general meeting in Lagos on Tuesday.

“The company recorded profit before tax of ₦459m as against a loss of N1.1bn in 2012, while profit after tax stood at ₦485m in 2013 as against a loss of ₦1.3bn in 2012,” she said.

Notwithstanding the intimidating challenges and continued economic turbulence globally and Nigeria in particular, the chairman said it achieved a gross premium income of ₦3.76bn in 2013 as against ₦4.03bn in 2012.

She said that 2013 was the first year of the adoption and implementation of the National Insurance Commission directive on no premium no cover which no doubt boosted liquidity and reduced the problem of huge receivables for operations in the industry.

“We strongly believe that the year 2014 will be a better year as cash premium collection will tremendously improve significantly the fortunes of the industry,” she said.

The Managing Director of the company, Mrs. Toyin Ogunseye, said that during the year under review, its total equity grew by 19.14 per cent to ₦4.17bn as against ₦3.5bn in 2012, while total asset grew from ₦6.5bn in 2012 to ₦6.9bn in 2013.

Ogunseye assured that Law Union & Rock would continue to achieve growth in profitable market share even in very challenging market conditions.

She said, “In 2014, we are committed to strongly consolidate on the gains of the previous year with renewed vigor in the execution of our corporate strategy and strategic initiatives. We will not relent on our efforts towards ensuring high quality customer service.”

In pursuance of its retail strategy, the managing director said it had expanded its retail channel platform which makes it possible for anyone to purchase its products especially motor insurance product from any part of the country.

She said she was aware that a great proportion of the population was not insured or do not have any form of insurance.

In order to provide this segment with insurance solutions, our microinsurance products will be deployed to this informal market segment using our agency network force,” she said.