Chairperson, Law Union, Princess Adenike Adeniran

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.
Chairperson of the company, Princess Adenike Adeniran, disclosed 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 towered above N7 billion with very strong growth potentials.

Adeniran said that the company was steadfast in its commitment to rising to rank among the top players in the industry, adding that the firm intends to implement all the strategic initiatives mapped out to ensure it achieve set goals.

Some of these strategies according to her, include re-organisation of the company, re-orientation its 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.