Law Union & Rock records N610m profit in Q3
By Abdul Olalekan
Despite the harsh economic operating environment, Law Union & Rock Insurance Plc has recorded N610 million Profit before Tax (PBT) for the third quarter of 2016.
The company also grew its assets by 1.34 per cent from N9.1billion it was in the third quarter of 2015 to N9.23billion in the current year.
A statement from the company and made available to Business247 News Online at the weekend, added that at the close of business year in 2015, its assets stood at N8.27 billion but has grown by 12 per cent to 9.22 billion in the last quarter.
Although the company recorded a slight decrease of 2 per cent in its Gross Premium Income in third quarter of 2016 when compared with its result in 2015, its liability was kept below the figure recorded in the same quarter in 2015 by 3.94 per cent.
The company grew its equity by 6.22 per cent from N4.73 billion to N5.027 billion within the same quarter. Although the current economic headwinds greatly impacted on the company’s production in Q3 2016, its claims rather surged up by 16 per cent for same period.
Reacting to the development, the company’s Managing Director/CEO, Mr. Jide Orimolade, said despite the economic crisis, the company is always prepared to put its key stakeholders first and would continue to ensure that their protection remain the company’s priority.
He emphasised that the company remains strong and vibrant, and GCR Rating is an affirmation of its capability to fulfil all its obligations that may arise from all the risks the company is undertaken.
Besides satisfying our customers, our shareholder interest is very key in our overall goal, he said.
The company, he noted, has also been able to offset its accumulated loss by 94.7 per cent from N1.02 billion in 2012 to about N53 million in September, 2016.
He further reiterated the company’s commitment to driving its retail products largely through digital channels and efficient branch network.
He further enjoined the insuring public to continue to keep faith with his insurance firm, promising the numerous customers of the company, a continued improved service delivery.
