Law Union & Rock Insurance Plc, one of the General Business Underwriting companies in Nigeria at its 49th annual general meeting held in Lagos recently, announced 66.8 percent growth in its profit.
The Company’s Chairman, Mr. Remi Babalola, said this was made possible despite the fragility of the economy in 2017.
He said in spite of the odds, the company was able to break through all hurdles to pay dividend to its shareholders.
He said during the period under review, Law Union & Rock Insurance, grew its profit by 66.8%.
According to him, in its overall performance during the period, the company recorded good performance with 8% growth in its top line over the figure from the previous year.
“A significant contribution to the profit came from the Company’s investment income. The Gross Premium Written stood at N4.252billion compared to N3.936billion recorded in 2016. The Profit before tax of N1.099billion was achieved compared to N659million recorded in 2016 which indicates a steady performance improvement of our Company. Total assets grew by 16.9% to N10.031billion from N8.58billion posted in 2016 financial year with a 28.6% growth in Shareholders’ Funds from N5.03billion to N6.47bilion.
“The company also recorded a giant feat in its general reserves with retained earnings of N704m from accumulated loss of N24m recorded in 2016. In recognition of this performance, the Company declared a cash dividend of 4Kobo per share for the financial year”. Babalola stated.
He assured shareholders that the company is stronger, better, bigger and more than ever before; with one of the highest ratings in Claim Paying Ability (CPA) in the industry. The Chairman also presented the new Executive Director, Technical/Operations,Mr Olasupo Sogelola and Mr. Kunle Aluko (non-executive director)to the shareholders. Both appointments have been approved by the regulator, the National Insurance Commission(NAICOM.).
Also speaking, Managing Director of the company, Mr. Jide Orimolade said the company, will not relent in delivery of the best service to the customers.
According to him, the loyalty of the customers were very instrumental to the consistent growth of the company’s topline in the past few years which has enable the company to eliminate its accumulated loss and be able to cross to a positive retained earnings in 2017.
The shareholders present at the event were in happy mood as three retiring directors -Mr. Remi Babalola (Board of Directors Chairman), Mr. Obinna Onunkwo and Mrs. Funmi Ekundayo were re-elected for another three Universal Insurance Appoints Paulinus Offorzor ED-Technical Operations.