Law Union Rock Office
Law Union and Rock Insurance Plc, one of the non-life risks underwriting groups in the country has raked in premium income worth N4.22 billion for the period ended December 31, 2011. The 4 per cent increase over the N4.046 billion recorded by the firm in the previous year was recorded in spite of the economic challenges occasioned by shocks in global financial system.
The Chairperson of the company, Princess Adenike Adeniran stated this while addressing shareholders of the company during the 43rd Annual General Meeting (AGM) in Lagos recently.
She noted that premium earned by the firm increased by 8 per cent to N3.55 billion from N3.29 billion recorded in 2010.
Investment income of the company according to her stood at N228.63 million, while total assets of the firm rose beyond N7 billion showing very strong growth potentials.
Adeniran said the company was steadfast in its commitment to rising to rank among the top players in the industry, adding that the firm intended to implement all the strategic initiatives mapped out to ensure it achieves set goals.
Some of these strategies according to her include re-organisation of the company, re-orientation of staff members and reduction of management overheads as well as dropping all unnecessary financial commitments.
Others measures outlined by the chairperson were aggressive drive for collection of outstanding premium, penetration of oil and gas insurance market, strong bancassurance partnerships, new product development and drive for retail market.
Efficient information technology systems, improvement in welfare of members of staff, prudent and profitable investment drive, development of an agency platform, as well as continued maintenance of relationship with insurance brokers concludes the list of initiatives.
The company hopes to these strategies would reposition it to benefit extensively from the Market Development and Restructuring Initiatives (MDRI) put in place by the insurance regulatory body, National Insurance Commission (NAICOM).