Law Union & Rock grows Q3 profit by 215%
LAW Union & Rock Insurance Plc has released its third quarter 2015 unaudited financial statements. The report showed that the company’s profit before tax rose by 215 per cent to N664.1 million as at the end of September 2015 from N210.4 million in 2014 while it recorded a profit after tax of N564.5 million compared to N178. million achieved in 2014.
The company also achieved an increase of 11.5 per cent in its gross premium income (GPI). While the company’s GPI stood at N2.63 billion in 2014, the figure rose to N2.93 billion by September 31, 2015. There was a 58.7 per cent increase in underwriting profit to N1.08 billion from N686.3 million in the corresponding period in 2014. Investment income rose 22.6 per cent to N303.8 million from N247.7 million in 2014 while the total assets of the company also went up by 11.36 per cent to N9.1 billion from N8.2 billion in 2014.
In a statement released by the company, the company said it has carried out a “critical review of the overall corporate performance and is repositioning to drive positive and very significant growth in coming years through a well thought out five-year Strategic Plan”. This the statement said is to guide its resolve to “greatly improve on our all-round corporate performance and take a significant share of the market”.
The statement added that “our strategic direction to grow the business is anchored on developing the direct/retail market segment, improving relationship with existing intermediaries, developing alternative distribution channels and improving our brand value”.
In a chat with the Managing Director/CEO of the company, Jide Orimolade, said “we are quite confident that all these initiatives will turnaround the fortunes of the company within the shortest possible time”.
Law Union & Rock Insurance was established in 1951 and has been consistently operating within the Nigerian insurance space with great competence in underwriting of oil & gas, engineering and property risks.