Law Union & Rock to boost human capital

THE Chairman, Law Union and Rock Insurance Plc, Mrs. Adenike Adeniran has said that the company was fortifying its workforce to move the firm to the next level.

She said this during the company’s 46th yearly general meeting in Lagos.

“We are fortifying our workforce by attracting good hands and through training and retraining, making them perform at peak levels,” she said.

According to her, the future outlook of the insurance industry was bright and the company was determined not to be left behind in the scheme of things.

She said, the board has the confidence that the new managing director and his team have the potential to take the company to the next level.

She said that the focus of the board has been handed over to the management team which is to improve the top line while minimizing the cost of doing business and be able to return the company’s brand to its former glory.

Some highlights of the financial performance which was disclosed by the chairman revealed that the gross premium for 2014 increased by 21 per cent to N4.16 billion from N3.44 billion in 2013; its shareholders value increased from N4.17 billion in 2013 to N4.18 billion in 2014; while its underwriting profit stood at N1.03 billion in the period under review.

She said the regulatory system within the insurance industry had witnessed tremendous progress and this was expected to yield the desired result in ensuring that the insurance sector became stronger and better.

“Ethics, professionalism and corporate governance are improving in business conducts of various players in the industry,” she said.

According to her, investors are also encouraged with the improvement in regulation and this place the industry in the forefront for business improvement.

She said the drive for growth in the insurance industry led to collaboration and restructuring.

Some big players in the industry, she said, acquired a few entities to reposition for growth and strengthen confidence in the sector.

The chairman said foreign insurance companies and private equity companies invested in some insurance companies which buttressed the growth potentials of the industry.