Law Union & Rock offset 94.7% accumulated losses in Q3 2016

Despite the harsh economic operating environment, Law Union & Rock Insurance Plc, against all odds, has recorded a Profit before Tax of N610 million in the third quarter (Q3) of 2016.

According to the Managing Director of the Company, Jide Orimolade was able to grow its Assets by 1.34 per cent when compared with Q3 of 2015 from N9.1billion to N9.23billion. A positive growth was recorded when compared with the figure achieved at the end of 2015.

As at the close of the business year of 2015, its Assets stood at N8.27 billion, but grew by 12 per cent to 9.22billion. Although the company recorded a slight decrease of two per cent in its Gross Premium Income in Q3 2016 compared with result recorded in 2015, yet its liability was kept below the figure recorded in same quarter in 2015 by 3.94 per cent. The company recorded a good feat in growing its Equity by 6.22 per cent from N4.73billion to N5.027billion within the same quarter.

Although the current economic headwinds greatly impacted on the company’s production in Q3 2016, its claim rather surged up by 16 per cent for same period.

Orimolade promised that 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 emphasizes that the company remained strong and vibrate, and GCR Rating is an affirmation of its capability to fulfil all its obligation that may arise from all the risks the company is undertaken.

Orimolade said: “Besides satisfying our customers, our shareholder interest is very key in our overall goal. You will recall that the company recorded a huge loss in 2012, as a result of the clean-up on outstanding premium which plunged the company into negative results. The Management’s commitment to move the company to a healthy bottom-line and also to pay Shareholders’ dividend has begun to materialise. With this result, the company has been able to offset this Accumulated Loss by 94.7 per cent from N1.02billion in 2012 to about N53million in September 2016.

He also emphasised that the company’s innovation is built around her people and that the customers have been very instrumental to its success and reiterated commitment in driving its retail products largely through digital channels and efficient branch network.

As part of the success recorded in Q3 2016, a new branch was opened at in Victoria Island, to serve our corporate and individual clients in the axis.

Orimolade further enjoined the insuring public to continue to keep faith with insurance companies and more importantly when they are dealing with Law Union & Rock Insurance Plc while promising their numerous customers a continued improved service delivery.