Law Union & Rock records N610m profit in Q3 ‘16

Despite the harsh economic operating environment, Law Union & Rock Insurance Plc has recorded N610 million Profit Before Tax (PBT) for the 3rd Quarter of 2016, which represent a 2 percent decline in its Gross Premium Income in the quarter.

When compared with its result in 2015, the firm’s liability was kept below the figure recorded in the same quarter in 2015 by 3.94 percent.

The company, also grow its Assets by 1.34 percent from N9.1 billion it was in the 3rd quarter of 2015 to N9.23billion in the current year.

A statement from the company added that at the close of business year in 2015, its Assets stood at N8.27 billion but has grown by 12 percent to N9.22 billion in the last quarter.

The company grew its Equity by 6.22 percent from N4.73 billion to N5.027 billion within the same quarter. Although the current economic headwinds greatly impacted on the company’s production in Q3 2016, its claims rather surged up by 16 percent for same period.

Reacting to the development, the Managing Director/CEO, Mr. Jide Orimolade, said 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.

Orimolade, emphasised that the company remains strong and vibrant, and GCR Rating is an affirmation of its capability to fulfill all its obligation that may arise from all the risks the company is undertaken.

Besides satisfying our customers, our shareholder interest is very key in our overall goal, he said

The company, he noted, has also been able to offset its Accumulated Loss by 94.7 percent from N1.02 billion in 2012 to about N53 million in September 2016.

He further reiterated the company’s commitment to driving its retail products largely through digital channels and efficient branch network. And enjoined the insuring public to continue to keep faith with his insurance firm, promising the numerous customers of the company, a continued improved service delivery.