Law Union and Rock’s investment income rises to N612m

The investment income of Union Law Union and Rock Insurance Plc. has risen to N611, 862.2 million, representing a 66 per cent increase over the N369, 402. 91 million recorded in September last year.

The Managing Director of the company, Mr Jide Orimolade, made the announcement at the company’s quarterly news conference in Lagos on Tuesday.

He said that the company would consolidate its recent growth indexes to drive its performance next year.

Orimolade, said the company’s Gross Written Premium (GWP) had also risen to N3.531 billion as at last September.

According to him, the company has positioned itself to grow its GWP by 35 per cent next year and will drive its services with cutting-edge technology.

“In 2018, the company is targeting to grow its GWP by 35 per cent with the operating environment playing a major role in the insurance industry.

“During recession, all industries are battered. However, the economy is recovering and we will all recover together.’’

Orimolade said that a continuous decrease in consumer index price to 15.9 per cent; an increase in crude oil price to $62.99 and drop in foreign exchange rate presented a great business outlook for 2018.

“Moreover, the Federal Government has presented a budget of N8.6 trillion. The 30.8 per cent share capital expenditure depicts that many activities will require insurance services.’’

Orimolade disclosed that the company had appointed a new Executive Director, Mr Supo Sogelola, to oversee the technical and operations department of the company.

Also speaking, Sogelola commended the National Insurance Commission for its effort in deepening local content in the insurance sector.

He, however, noted that the industry needed to get the underwriting process right in all ramifications.

“The insured need to be communicated with all the necessary information of insurance contract once the contract is consummated.

“As from 2018, Law Union and Rock will embrace digital technology to reduce days of claim payments,’’ he said.