Law Union & Rock Insurance Plc, recorded N4.16bn gross premium in 2012 financial period.
The Chairperson of the firm, Mrs. Adenike Adeniran, disclosed this during the company’s 44th annual general meeting in Lagos.
She said, ”Despite the impact of the challenging market and operating environment in the financial system, the company recorded a gross premium of N4.16bn in 2012.”
According to her, the board and management remained committed to its strategic initiatives as contained in the approved strategy document.
Although this was adopted in December 2012, she said that the full implementation of the timeline for all the strategic initiatives mapped out in the strategy document commenced in 2013.
“While we vigorously pursue our corporate objective and strategies intent, we will also focus on measures that will strengthen our relationship with our esteemed brokers,” she said.
The chairman said that in line with its promise to continue to improve its service delivery, it had implemented its e-payment strategy with the various platforms for premium collection and business transactions.
She said that as most transactions are now done online, the firm had deployed a digital marketing campaign in order to increase its customers reach, brand visibility and awareness especially to the young and mobile insurance customers.
With these mobile technologies put in place, she said that the insuring public could easily buy and pay for Law Union & Rock Insurance’s products from any part of the country.
The Managing Director, Mrs. Toyin Ogunseye, said that the firm will continue to put measures in place to ensure that the company was firmly footed to rise the storm in the financial sector.
Ogunseye said that the cost reduction mechanism put in place by the management of the firm was already achieving the much desired result.
She said that it had embarked on series of strategic initiatives aimed at strengthening its operations and business model that would enable it to increase its market share in the industry.
“Indeed the future is bright as we will continue to deploy strategies that enable us to fully exploit emerging business opportunities and also make the company one of the top five in the industry in the nearest future,” she said.