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Law Union & Rock grows profit to N1.1bn

LAW Union & Rock Insurance Plc has recorded profit before tax of N1.1 billion for the financial year ended December 2017.

This represents 66.8 percent increase from the  N658.64 million recorded in the 2016 financial year.

In a statement, the company said that profit after tax also appreciated by 62.1 percent, from N561.85 million in 2016 to N910.71 million at the end of the review year.

The company said that its shareholders will smile to the bank for a dividend payout after a long period of reinvestment and ploughing back for growth and expansion.

Its earnings per share stood at 21 kobo, as against 16 kobo the previous year, indicating increase in shareholder’s value.

The company, during the period under review also recorded a gross premium income of N4.25 billion, as against N3.9 billion in 2016, indicating  eight percent increase.

Investment and other income also appreciated to N912.5 million from N687.3 million in 2016.

Total assets grew by 16.9 percent, from N8.58 billion in 2016 to N10.03 billion in the review year.

Claims and claims expenses stood at N1.4 billion, as against N967.8 million in the past year.

Mr. Jide Orimolade, Managing Director/Chief Executive of the company said that Law Union & Rock has introduced new products into the market including: I-Salute; Doctor-on-Cover; GPA-4-Schools and Sure Pay.

I-Salute, he said was designed to provide support and relief to officers and their families in event of accidents that result in any or a combination of bodily injury requiring  in medical expenses.

The Doctors-on-Cover was designed to help medical doctors comply with the law as well as protect them from unforeseen legal liabilities that could prevent them from practicing what they love.

GPA-4-Schools is a Group Personal Accident product designed for Schools and Students/Pupils at all levels of education – Kindergarten, Nursery, Primary, Secondary and Tertiary. It provides cover against accidental death or permanent disability of the insured’s parent or guardian and also the medical expenses incurred as a result of any accident involving any insured parent or student/pupil.

Whereas SurePAY is an e-insurance product that provides some level income security in event of loss of employment. It guarantees the payment of an agreed amount of monthly income up to six (6) months after job loss, he said.

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